CFA Report Indicates Slow Growth Rate For Robo-Advisors
One of the biggest advancements in the Fintech sector so far are the so-called robo-advisors, which will give financial advice to users. But that does not mean everyone will be embracing this solution all of a sudden, according to a recent report by CFA Institute.
A recent survey by CFA Institute paints an interesting picture regarding the future of this financial technology. Over sixty percent of respondents admit they are familiar with the concept of robo-advisors, which indicates there a large market waiting to be tackled by Fintech startups who can crack the code of automated financial advice in the future.
It is equally interesting to note how America seems to be the region where robo-advisors have made the biggest impact so far, although the results in Asia Pacific, EMEA, and Europe are quite good as well. Speaking of Europe, they are the one region where the results are split 50/50, and it seems there is still a lot of education to be done in this part of the world.
When asked about which sector would be affected the most by robo-advisors, the asset management industry is the clear market leader. That is only normal, as assets are not commonly accessible for most consumers, whereas other financial services are. Moreover, users are less likely to switch their bank or insurance provider, yet they are eager to get involved in assets.