Meet the Australian robot financial adviser managing $3 billion
Decimal Software’s white label robot financial adviser platform now has more than $3 billion in funds under advice.
The latest $1 billion was gathered since December, according to a market update today. The first $2 billion came in the six months since it was launched in June last year.
The growth came without an official marketing launch for the robotic adviser on investments, superannuation, insurance and loans.
Robo advice promises lower overheads for financial services companies. And for those making investments online, there’s no comfortable chat with an adviser but, hopefully, it means lower fees.
Decimal Software CEO Nic Pollock says real people are using cloud-based robo-advice in Australia.
“We’re the only B2B robo operator in Australia that is delivering a white label solution now,” he says says.
“Our technology enables banks and financial institutions to offer an automated financial advice to their customers across multiple topics from investment, insurance, to superannuation and retirement.”
In an online investment environment, there is usually human intervention at some stage to complete a transaction. However, robo advice means that the consumer drives the process without contact from a human adviser.
In Australia, 80% of the market still doesn’t receive any form of financial planning advice.
“So that’s where the real potential lies with an anticipated total of $2.3 trillion in funds under advice.”
Pollock says robo-advice is not about displacing human advisers.
Source: Meet the Australian robot financial adviser managing $3 billion | Business Insider
