Robo-Advisor is a technology that many people associate with
the financial industry. In the year 2018, ten years since its invention,
several financial institutions around the World adopted it. Leading wealth
management companies are now using it. In this article, we want to highlight
how Robo-Advisors can be useful in the banking sector in enhancing customer
service.
The question that may linger in one’s mind is what would be its
offerings in the banking sector. Before we plunge into that, let’s understand
the concrete definition of the Robo-Advisor.
Robo means automation that uses a mathematical algorithm to provide
investment decision. Thus, it lacks human intervention. Advisor means wealth
management services.
Therefore, Robo-Advisor in simple terms means an online
portfolio management solution. It continues to gain popularity in the financial
advisory market owing to improved results. For instance, it translates clients’
inputs into investment logic like proposing the right investment opportunities.
Such glories continue to make Robo-Advisor technology elicit importance in the
banking industry. Here are the major benefits of integrating traditional
banking with Robo-Advisor.
