智能投顾在金融服务业的关键组成及监管建议

Key Components and Regulatory Recommendations for Robo-Advisor in the Financial Services Industry

智能投资顾问(Robo-advisor,以下简称智能投顾)是指在线自动提供以算法为基础的投资咨询服务,依托大数据、机器学习和人工智能等计算机高新技术,通过现代投资组合理论等投资分析方法,提供智能资产配置建议。智能投顾为金融机构和投资者降低了人工成本,在某些程度上提高了咨询服务的质量和透明度,但也为监管机构带来了重大挑战。本文针对智能投顾的三个评价维度:能力、透明度和适用性,确定并评价了智能投顾的四个核心组成部分。同时提出了监管机构所需要应对的智能投顾带来的新挑战,以及应对新挑战的监管建议。

Robo-advisor refers to online automatic provision of algorithm-based investment consulting ser-vices, relying on computer high-tech such as big data, machine learning and artificial intelligence, through investment analysis of modern portfolio theory, to provide smart asset allocation rec-ommendations. Robo-advisor has reduced labor costs for financial institutions and investors, and has improved the quality and transparency of consulting services to some extent, but it has also presented significant challenges for regulators. This paper identifies and evaluates the four core components of Robo-advisor in the three evaluation dimensions: capability, transparency and ap-plicability. At the same time, it raises new challenges brought by the Robo-advisor that regulators need to deal with, as well as regulatory recommendations.