70% of consumers would welcome automated advice
A global study by Accenture found that seven in ten consumers would welcome robo advisory services for their banking, insurance and retirement planning. It also found that nearly two thirds of consumers still want human interaction in financial services. As clients seek more options and flexibility, what should advisers be looking to do, to adapt and evolve their offering and service these changing demands?
“Until recently the debate around computer-generated versus human advice was largely presented as an either/or issue. But now, traditional advice models are increasingly adding digital services to their offerings, and pioneers of automated investment advice are re-focusing their models by introducing human elements. It’s increasingly clear that a blend of the two is the future, reducing costs for consumers, while making professional advice and expertise more accessible.
Operating a hybrid advice model requires flexibility. Like being able to customise services according to the nature and level of interaction that different clients prefer while ensuring profitable outcomes across client size and types. It takes a long-term technology vision to manage this. Read more in my blog about what you should consider when transitioning to a hybrid advice model.”
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