The future of robo-advisors in the financial sector remains a bit unclear. Numerous banks explore this opportunity, but with varying degrees of success. Santander has come up with an affordable solution on a large scale. Its mass-market robo-advisory service costs 20 GBP per month.
It is not the first time a big bank shows a big interest in robo-advisors. This technology can automate a large number of traditional financial services now and in the future. Santander is one of the first companies to bring a commercialized solution to the market en masse. For the price of 20 GBP per month, customers can benefit from this virtual service as they see fit.
Santander Tries to do Things Differently
Known as the Digital Investment Advisor, the robo-advisor will guide people through questions regarding their financial position. Based on the feedback, the robo-advisor will help them achieve future goals and deal with various degrees of risk accordingly. Long-term goals, as well as short-term investments, are both available in this regard.
Santander UK head of investments Alexia Kilby adds:
“Investing today shouldn’t be just for those with thousands to spare – the launch of our Digital Investment Adviser (DIA) is designed for a new type of investor with investment levels set at just £20 a month. Our research shows there are lots of people out there who have cash available to invest but are losing out as they just don’t know where to start.”
It is evident this service tries to cater to as many people as possible. Any ordinary saver can benefit from this robo-advisors. Especially those who are investment-averse are a prone “target’ for Santander. Whether or not the tool can convince the masses, is a different matter altogether.