Smart robots will soon make their marks on the Individual Pension System (BES), which is constantly criticized, due to the complexity of its portfolio returns and system. AkıllıBES, a digital platform developed to enable participants to exercise their rights properly, has begun a new partnership with Oracle. Within the scope of the agreement with Oracle for the free use of the artificial intelligence development platform, AkıllıBES will develop a smart robot that will first establish written communication, or a chat bot, and then speak. AkıllıBES founder Onur Yurtsever has been building his career in financial markets for 15 years and is now studying for his doctorate at Özyeğin University. He said it is very significant that Oracle has opened such a platform for them to use for free.
"Artificial intelligence is very new in Turkey. You teach a machine how to write and speak with code and program it on how to behave when faced with a problem. This requires a very serious infrastructure investment," Yurtsever continued. "Within the framework of our collaboration with Oracle, we will first write software for the chat bot with the said artificial intelligence formation. So, the user will receive written support through the chat bots on the AkıllıBES platform. Speaking robots will be commissioned in the in the near future."
In fact, this smart robot will ask users questions based on their personality, such as "Today, the value of your portfolio increased 3 percent. Are you happy?" or "Congratulations on your new baby. Do you want to open a new pension account for him/her?" It will even be able to understand if you are sad based on the tone of your voice. The smart robot will then give advice and alert participants who do not take advantage of their right to change funds six times a year."We will introduce the robots in a way that will set participants at ease," Yurtsever said. "This will also allow citizens to comfortably navigate the complicated BES system. There are still citizens who are afraid to use the system."
He noted that they have also contacted pension companies about the AkıllıBES platform, and that they will open the system to companies they establish agreements with.
Explaining the purpose of establishing the company, Yurtsever said participants have the right to change the fund distribution six times a year in the pension system, adding that they have developed a special financial algorithm that ensures the correct use of these rights. "So, we have developed AkıllıBES as software that allows you to optimize returns by using fund distribution change rights," he said.
Yurtsever stated that with this algorithm, everyone will be a special customer and receive services accordingly, stressing that AkıllıBES, which offers personalized advice according to the lives of its participants, such as marriage, children, home purchases and job changes, is Turkey's first digital platform in its field. He also suggested that the platform, creates a significant innovation in the financial technology (FinTech) field with infrastructure that requires nothing until retirement in just five minutes.
The main reason why citizens have avoided using the BES system is its complexity. People do not even know the names of the funds. Those entering the system also complain about its returns.
"However, if you give people the right information, they can be convinced and want to trust it. I think automatic participation is very positive in this sense. Fifty percent backed out of the system, while 50 percent remained," Yurtsever noted. "We can say the glass is half full. New products should be produced in the system. Nothing is being done, especially for the young generation. A college BES could also be established."
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