New announcement. Learn more

Blog Articles

ExerciseNvidiaDemographicsMillieAIRPAAgingJewelleryScam investmentInvestment fraudInvestment fraudsScamsCyclonesFloodingInsurance premiumsInvestment managerArtesianOrgans on a chipManaging household moneyCouplesTravel insuranceTravel cardTravelPlastic WasteStewartCollaborative engagementBest Ethical Financial AdviserAwardHuman skinCrash test dummyAkzo NobelBieresdorfUnileverThe 3 R'sAnimal crueltyAnimal testingSyndicated propertyWholesale investorBreast cancer, mammogramGender diversityDiversity40:40 vision30% clubFemale leadersOutlookIndicatorsRecessionFossil FuelsWomenChildrenCyberVisaMagellanDEIDiversity, equality and inclusionGHG emissionsNet ZeroNorway Oil FundEngagementActive EngagementWealth protectionPasswordsBank of mum and dadBank loansBull marketReparationsVolunteeringB-corpGarden festivalCompensationClimate changeBuilding portfolioPortfolioBusiness as a force for goodB corpFinologyNanukPlasticPackagingEsg investingFear of missing outConfirmation biasBehavioural financeRetirement villageEsg ratingsSustainableWalking the talkProxy votingVotingAwardsBear marketEthical preferencesIndependent informationGreenwashingNastiesGMODonationsMindful MoneyRIAAWarEthicsAuctionImpact InvestingCyber securitySustainable InvestingResponsible InvestingMarketTimingCoronavirusCovidAiaCignaEthical investingEsgEnvironmentActivePassiveEPAProperty Relationship ActTax returnWearable DeviceArtificial IntelligenceUnderwritingDNA TestingGenetic TestDe Minimis ExemptionFair Dividend TaxForeign Investment FundTax ratesKiwiSaver feesChinaBrightline TestEQCAdvice FeesInvestment feesJunk InsuranceWarrantiesConsumer Guarantees ActRetirement IncomeNew Zealand SuperannuationBridgesFitness CoachingWellnessSally MellorInvestment PropertyTenantLandlordRental PropertyCar RentalCar InsuranceRelationship BreakupProvisional TaxBeanyAccountingTrust DeedBeneficiaryTrust ActTrustSkin cancerProstate cancerMelanomaLung cancerCervical cancerCancer mythsFirst home buyerOpinionFactsSwindlerScamTreasuryVolatilityDollar cost averagingFamily trustsResearchMilfordInvestor confidenceFMAInvestment assumptionsTerm depositsKiwisaver monitoringKiwisaver comparisonStress freeHolidaySecurityBanksTax refundRiskReturnInvestingGreedFinance companiesContents insuranceOwing moneyCredit cardCredit cardsPropertyExpertsBubblesBorrowingLendingFloatFixMortgageLoansInterest ratesFinanceBrokingLegislationForeign superWordingOmbudsmanHouseCoverContentsBalanced fundSchooling costsEducationCredit ratingsTradingSecondary marketTerminologyFixed interest investmentFixed InterestLegalGuarantorUk pensionPension transferSpendingChristmasConsumer behaviourUK Pension TransfersQROPsInvesmtentWays to dieInsurance claimsWinz#residential care#assetsTrustsResidential care subsidy#residentialcaresubsidy#gifting#familytrustsSavingsLottery#bonusbondsSpecific injuryCase stuffyTrust expensesEstate planningAsset protection#trust#family Trust#incomeprotectioninsurance#incomeAdriennes storyQuizLife expectancyLVR ratioHouse depositBorrowing to buy a house#firsthomebuyerKiwisaver returns#kiwisaver feesReitrement savingsFirst home buyersUncategorized#financialplanningPersonal financesFinancial management#personalfinances#mortgages#finances#fidelity#kiwisaverperformance#redundancy insurance#incomeinsuranceRetirement ageJohn KeyFirst home buyer withdrawalKiwisaver rulesFirst home buyer grantUnclaimed moneyMoney refundsPortability superBringing home KiwiSaver#australia KiwiSaverInsurance #insurance#homeinsurance#liability#insurance claim. Insurance claim#income insurance protectionFirst home grantDumb ways to dieUnder 18 years oldTax creditTrans-tasmanPortabilityAustraliaAsteronRisk profilesMoving funds#changing kiwisaver managersInvestment returnsTibTerminal illness benefit#claim#sil#kiwisaver analysis#shares#mighty river power#electricity#partners lifeTrusteeSafety of KiwiSaverFunBeerCredit ratingBad debtTax rebateInvestment advice#retirement planningLapseExpensesFighting fundEmergency cashRipping off elderlyFinancial planingPass backUnit pricingGareth morgan#Medical Assurance Society#MAS#investment analysis#travel insurance#insurance claimFinancial planningBudgettingReporting#insurance commissionInsurance commissions#commissions#career in insuranceSouthern crossClaimingInsurance excessesRussiaJohn clarkeHumourGfcCyprusHome insuranceEarthquakesCrisisStand down periodPolicy wordingChurningContributions holidayTaxesPayrollEmployer contributionsEsctEmployee contributionContribution holidaySil kiwisaver. westpacKwiisaverBitAsset allocationAsbAnzAwarenessReturnsPerformanceProstate canerWillsRelationship PropertyPlanningLegal AgreementsLawyersDivorcePremiumsTowerFund ManagersFisherKiwibankDefault schemesBnzAMPPetsPet insuranceMoney managementBudgetsHouse insuranceFire and general insuranceAccChilds trauma insuranceChilds traumaProtectionFund managerClaim trauma insuranceTotal and Permanent Disablement InsuranceOnePath LifeClaimsSmokingSmokers ratesInsurance researchInsurance analysisImageFree quotesSavingMoneyInfographicInflationVideoTpd insuranceTPDSovereignDisabilityCase StudyAxaHeart attackLoveIncome protectionCancer insuranceBreast cancerTerranovaMinimum wageEmployer contributionTraumaIncome protection insuranceCancerSortedRisk profileRetirementOnepathInvestmentsWestpacBTWho can joinRetirement savingsFuneral plannerFuneralDyingDeathTrauma insuranceLife InsuranceInsurance News & ViewsInsuranceIncome insuranceHealth insuranceDisability insuranceUS citizenRetiring to live in new zealandInvestmentFATCAReturning to new zealandRetiring in new zealandMember tax creditKickstartTransitional residentTaxationRetiring to new zealandNew migratnFifFdrDe minimisSuperannuationRetiringNZ superannuationNew zealandEligibility for NZ SuperMorningstarInvestment ReturnInvestment performanceFund sizeFeesTaxPIRPIEMoney News & ViewsIrdMinimum contributionKiwiSaver News & ViewsKiwiSaverContributions1 April 2013

Millie is not AI

Moneyworks clients will know who Millie is.  Or rather what she is.

Since 2018, we have worked with our Robotic Process Automation (RPA) Developer, Saravanan (who lives in Chennai with his wife and two young children) to build Millie – our in-house robot.

Over the last five and half years, we have automated pretty much everything we can automate in our business (but I keep saying that and I keep finding things to automate -but surely the process we are starting in March is our last one!).

The process of automation is time consuming and requires significant attention to detail.  It starts with defining the process that we want to be automated.  This requires documenting every step that needs to be done by a human.

We started with our most important process in our business, our Annual Review.  This is a very complicated process as it gets information from multiple sites (at the peak, from 26 different sites) and incorporates them and personalizes the information into the Annual Review document.  This took us six months to set up, in three different stages. It was a huge learning curve, and took a lot of work to sort out how to store the data in the first place, how to interpret it, what order to get the information from, how to incorporate it into the process and finally, many many many hours of testing to make sure that the process was working.

The key with this process is that:

Millie can only do what a human can do, and what we tell her to do.

From that process, once we could see how effective and efficient RPA is, we have kept on developing automation for our processes.  Starting with things like when an email address or physical address is changed (where providers have to be notified) to our recent process which automated the download and updating of investment Product Disclosure Statements, and updating of our internal IPS (Investment Product Summary) that we provide to clients, we have reduced the administrative workload in our business.

In addition, we have created new processes that humans never used to do (and couldn’t realistically do) including our Ethical Investment Analysis and our Quarterly Stock Intersection Analysis.

The key to getting Millie to work is that all of the input data has to be in a specified format.  We spent many hours getting that information in that format, and when a provider changes anything on their website (even something that we can’t see, but that affects the coding), we have to update Millie. 

So, as Saravanan says ‘he will be here to help us with Millie until he dies’.  It is an ongoing maintenance process, as things continually change and from time to time the system breaks a little bit (but we have lots of systems to get ‘reruns’ if for example a provider website was offline at the time).

Millie enables us to provide consistent and accurate information both to our cleints and also internally for monitoring our providers.



Millie cannot think for herself.


Millie is a Robot.  She is not Artificial Intelligence.

A definition of Artificial Intelligence is:

Artificial intelligence is the science of making machines that can think like humans. It can do things that are considered "smart." AI technology can process large amounts of data in ways, unlike humans. The goal for AI is to be able to do things such as recognize patterns, make decisions, and judge like humans.

Millie can only do what we have taught her to do.  She doesn’t perceive things, she doesn’t make decisions, she doesn’t recognise things.  She doesn’t know how to do anything other than what we have told her to do.  [This is why she can't read and answer your emails to her].

She is not AI.

It is likely that AI will be a significant factor in the development of business in the next 5-10 (and probably longer) years.

We have done quite a bit of research into existing AI models and tools and have yet to find anything that would add value to our business and our clients.  AI still 'hallucinates’ (ie makes things up).

Based on the systems currently available, we don’t see ourselves incorporating AI into our business (Millie makes our life so easy as it is), and we are concerned about the Privacy issues of using AI.  If we were to make our clients information available to an AI app or system, we wouldn’t know where that information was going, where it was being stored, what else it was being used for.

At present, we know that Millie just does ‘processes’, doesn’t (and can’t) think for herself and the information that she works off is contained within the licenced programmes that we subscribe to (UiPath, Microsoft Azure, Solve 360CRM as well as Microsoft Word, Excel). 

Please don’t hesitate to contact us if you have any queries about Millie, RPA vs AI  or any comments.


This product has been added to your cart