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
- 21 Jan 2019Federal Court winds up CFSBy Eliot Hastie
- 21 Jan 2019Licence conditions placed on Sydney AFSLBy Adrian Flores
- 21 Jan 2019O’Dwyer steps down from politicsBy Adrian Flores
- 21 Jan 2019The wealth management fintech that soared in 2018By James Mitchell
- 18 Jan 2019Advisers to suffer ‘horrendously’ from FASEABy Sarah Simpkins
- 18 Jan 2019Praemium FUA up 14%, reveals platform upgradeBy Adrian Flores
- view all