Infosys’ Digital Outlook Banking Industry report found 57 per cent of the 113 senior bank staff surveyed plan to invest money into robo-advice services.
Further, the survey found that 29 per cent of the participating banks are already investing into robo-advice, with the remaining 14 per cent saying they were investigating the trend.
None of the participating bank staff said they would not be investing in, or investigating, robo-advice services.
Despite this, the report also found only that 19 per cent of respondents believed robo-advice would have the most positive impact on their business in the next three years, placing it 13th out of the 16 trends covered in the report.
Infosys’ research found the most commonly listed trend to have a positive impact over the next three years was use of data analytics to deepen product personalisation, followed by open banking and paperless trading.
Make no mistake. If you just provide advice on superannuation and insurance (which most of us do) your days might be numbered. Banks will soon just have phone based advisers and the non-bank channels will become unprofitable as insurance commissions reduce, and fees being deducted from super become unpopular, capped or even banned ( no doubt next on the Labor agenda).