The challenge for the UK’s would-be winners in the robo-advisory space is to create a proposition centred around customers' needs and how their lives are evolving, rather than a financial services product. While more than 70 banks, asset managers and start-ups are currently developing automated advice platforms, very few are offering anything different, according to Altus. “Most of these companies have been focused on providing an investment product or helping people manage their portfolio,” he says. Simon Bussy from the consultancy firm, predicts the future will see robo-advice integrated into the hub, unrestricted by industry boundaries.
The challenge for the UK’s would-be winners in the robo-advisory space is to create a proposition centred around customers' needs and how their lives are evolving, rather than a financial services product. While more than 70 banks, asset managers and start-ups are currently developing automated advice platforms, very few are offering anything different, according to Altus. In China, WeChat, is the go-to app for everything from celebrity blogs and shopping, to banking services and simple investment; a model slowly being copied by Facebook Messenger. Simon Bussy from the consultancy firm, predicts the future will see robo-advice integrated into the hub, unrestricted by industry boundaries.