Global Robo-advisory Market Set For Significant Growth

The wealth management industry is undergoing considerable transformation as traditional methods are getting disrupted thanks to the advent of new technologies. Robo-advisory is one such technological advancement that provide custom, automated and algorithm-based financial advice, without human intervention and in a cost-effective manner. Owing to the rapid adoption of robo advisors worldwide, the global robo-advisory market is witnessing significant upsurge and the trend is set to continue in the foreseeable future. 

Benefits of robo-advisors

The benefits of robo-advisors are trustworthy and affordable financial advisory service for everyone. More and more, individuals are using robo-advisors owing to their convenience, affordability, and transparency. Robo-advisors typically can tell investors –

• How to invest across stocks and bonds, keeping risk tolerance in mind
• How much to deposit each month based on the total amount they want to invest and their goals
• Their total net worth
• How to take advantage of advanced tax strategies

With increased internet penetration across the world and the widespread adoption of digital technologies, customer expectations have evolved in the wealth management industry. For financial institutions to remain relevant, they must embrace the digital advancements and transform the way they operate. Robo-advisors are exemplary in providing a better customer experience with digital technology. Robo-advisors help provide better, more efficient communication methods, resulting in better customer service. 

Robo-advisors have become critical for servicing customers from a bank’s perspective. Robo-advisory is expected to see widespread adoption in wealth management firms owing to the cost savings and better customer experience offered.