Could a chatbot solve the retirement savings problem?
Well, not by itself.
But according to a paper by behavioral economist Schlomo Benartzi, a Professor of Behavioral Decision Making at UCLA Anderson School of Management and a senior academic advisor to the Voya Institute for Behavioral Finance Innovation, when a chatbot and text messages, as well as targeted e-mails, are combined with the principles of behavioral economics—specifically, nudging people into certain actions—the effects on retirement savings can be substantial.
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