Un robot as a financial advisor… why not? Apparently, circuits and algorithms inspire confidence. According to a research conducted by Accenture on 33 individuals in 18 countries, seven out of ten consumers are in favor of using robotic advisory services in the banking, insurance and social security fields. This is the so-called "robo-advisory", financial advice provided exclusively through a digital platform, without the intervention of human beings.
In particular, the opening of consumers to robo advisory concerns assistance in choosing a new one checking account (71%), of insurance coverage (74%) and del retirement plan (68%). About four out of five consumers (78%) said they were willing to use this type of service for traditional investments, i.e. the sector that saw the birth of this technology.
Among the most attractive aspects of platforms for Robo advisory, the interviewees indicated the prospect of reducing times (39%) and Costs (31%) of services, and a greater impartiality and ability to analyze computers or artificial intelligence solutions (26%).
However, research has also shown that around two-thirds of consumers still want it interact with people in the field of financial services, especially in the complaint management (68%) and in consulting on complex products such as i mortgages (61%).
“Consequently, a 'physical-digital' strategy that harmoniously brings together technology, branch networks and personnel is essential for the success of financial services companies – comments Piercarlo Gera, senior managing director of Accenture Financial Services – with a view to offer a service with both physical and digital characteristics, leaving the choice to the consumer".
The countries most prone to robot advisory are the emerging economies of Indonesia (92%), Thailand (90%), Brazil (86%) and Chile (84%): markets where smartphones and other digital devices have already established themselves as the main tools of interaction in the field of financial services. But even in the countries with the most modest demand, i.e. Canada (56%), Germany (59%) and Australia (61%), the share of respondents in favor of Robo advisory still exceeds half.
NON-TRADITIONAL PROVIDERS SUCH AS GOOGLE, AMAZON AND FACEBOOK
The research also reveals that consumers are willing to switch to non-traditional financial service providers. Nearly a third of them would trust Google, Amazon o Facebook for banking services (31%), insurance (29%) and financial consultancy (38%). However, in the 18-21 age group, this propensity, although higher, stands at only 41%, demonstrating the value that this specific target attributes to traditional financial institutions.
But the tech giants aren't the only ones lobbying financial services firms: A nearly identical percentage of consumers worldwide said they would consider switching to the proposed banking (31%) and insurance (30%) services. from supermarkets or retailers.
“Consumers expect almost every transaction they make to keep up with the services offered by Google, Amazon, Facebook and Apple – underlines Alan McIntyre, senior managing director and head of Accenture Banking – this represents a challenge especially for banks . To be able to retain customers, banks are called to be more incisive in the use of technology to define a tailor-made offer, personalized with respect to the times, places and methods desired by the customer".
