View all newsletters
Receive our newsletter - data, insights and analysis delivered to you

Robo Advisors sweep Europe as UK consumers bank on robots

Human service is not a thing of the past, however, with branch usage at the highest level since 2010.

By Ellie Burns

Robo advisors are sweeping Europe, with UK consumers jumping on the trend and prepared to turn to robots for financial advice.

According to a report by Accenture, over two-thirds (68%) of UK consumers would use robo-advice to aid traditionally complex banking decisions, including how to allocate investments (74%), the type of bank account to open (68%) and retirement planning (60%).

Robo advisors in europe

Consumers from across Europe are prepared to use robo-advice: France (67%), Spain (78%), Italy (79%), Germany (60%), Sweden (68%), Ireland (66%),

25% of those surveyed found impartiality to be a key attraction of robo advisors, with this figure rising to almost one third (32%) in the over 65’s. Interestingly this is nearly double that of millenials (23%). In addition to impartiality, speed and convience were also cited as key attractions for UK consumers. Lower costs as a  key attraction was cited by 30% of those surveyed.

However, although the report indicated that UK consumers would be receptive to robo advisors, the findings also show that high-street branches are not a thing of the past. Branch usage

Branch usage is at the highest level since 2010, suggesting consumers still expect human advice and support. Over half (53%) of UK customers now regularly access their branch compared to 47% in 2010. Significantly, Generation Z (aged 18-21) customers in the UK visit their branch more regularly than any other generation, with one in four (25%) visiting at least once per week.

READ: 5 UK robo-advisers giving intelligent, automated, money-making advice

The onus, then should be on banks to invest in technology and, as Accenture’s Peter Kirk advised, to strike “the right balance between human and robo service.”

“While consumers seem open to new forms of technology and advice and are seemingly more comfortable interacting with robots for certain types of financial services, their reliance on high street branches continues. Banks need to recognise that for many consumers including the younger generation, the shift towards computer-generated services cannot be at the expense of access to human service at their local bank. The demand for branches seems set to continue,” said the Mr Kirk, Accenture’s head of distribution and marketing services.

Content from our partners
Why food manufacturers must pursue greater visibility and agility
How to define an empowered chief data officer
Financial management can be onerous for CFOs, but new tech is helping lighten the load

Topics in this article: ,
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU