How will this work? A customer will fill out a survey in which they will define how well they know investment instruments and indicate their financial situation, investment goals and acceptable risk level. Based on this information, the system will prepare a model investment portfolio that the customer will accept or decline. If they accept it, they will be able to buy the instruments chosen by the robot with one click. But that's not all.

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Ricardo Campos, who is in charge of developing Millennium's electronic banking, says that the majority of institutions offering investment fund units online leave their customers to their own devices at the stage of choosing and buying their first funds. - Consultations on what they should do if the macroeconomic situation shifts or the customer's life situation changes are usually only available with premium offers for wealthy customers. We want to change that - Campos says.

He adds that the bank cannot afford to assign a consultant to each customer from the mass segment, which is where robot consulting comes in. The customer's investment strategy and the ever-changing market situation will be constantly monitored by the system and, based on advanced algorithms using a number of variables, the robot will suggest buying or selling certain funds so that the portfolio is best suited to the investment goals defined by the customer. The recommendations will be entered into the transaction system and the customer will be notified by a text message, e-mail or push notification.

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If they decide to follow the robot consultant's recommendation, they can accept the changes with one click and the system will automatically buy or sell the appropriate fund units. It's possible that the investment instruments offered in this service will not be limited to funds, but will also include bonds, currencies or other, custom made products created according to the strategies developed by the system.

Campos says that Millennium is currently testing out robot consulting with two foreign fintech companies. The results of those proof of concept tests will determine which company the bank will cooperate with on the final project. Campos is sure the decision will be made quickly, so that the robot consultant can become available to customers by mid 2018. Millennium might be one of the first banks in the world to introduce this type of solution as a commercial service.