Financial planning software provider Decimal has reported that the value of funds under advice using its robo-advice platform has surpassed $2 billion.
Decimal said in a statement to the ASX that more than $1 billion has been advised "purely online", meaning that the consumer has "driven the advice process through to issuance and execution".
"This has also been done with zero per cent unscheduled outages and at $0 marginal cost of advice for the client organization, representing never seen before efficiency and customer engagement," the statement from Decimal said.
"This growth in usage is an important marker for Decimal's future success as its pricing model allows Decimal's revenues to grow as robo-advice using its technology grows for our client organisations."
Commenting on a recent market forecast by analytics firm Cerulli Associates, Decimal said the firm's technology is designed to "empower any existing product provider" to offer a full robo experience to their existing customers.
"As Cerulli has identified, this type of capability opens up the whole market of consumers who need financial advice but cannot be reached by traditional channels," the statement said.
The software provider added that it is also "well advanced" in signing a new contract with current customer Mercer.
"The new contract will reflect a substantial expansion of services that Decimal will provide to Mercer," the statement said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Mar 2019Westpac announces exit from financial adviceBy Adrian Flores
- 19 Mar 2019ASIC given greater powers under new proposalBy Adrian Flores
- 19 Mar 2019FPA releases national roadshow detailsBy Adrian Flores
- 18 Mar 2019Linchpin Capital, IIOF fund to be shut downBy Adrian Flores
- 18 Mar 2019FASEA releases final provider accreditation policyBy Adrian Flores
- 15 Mar 2019Adviser given 10-year prison sentence by NSW courtBy Adrian Flores
- view all