Robo businesses are entering the UK market in such numbers as to be considered a sector in their own right. With large banks and global players becoming active, could this be a game changer for the industry? Is it possible that the sector could soon win a sizeable share of assets? Are algorithms becoming advice?
There are some challenging issues to address as this market develops. The barriers to entry include the current high customer acquisition costs; low financial literacy; the possibility of existing customers switching to these lower priced channels; regulatory uncertainty and associated risk of future retribution; cyber risk and communication challenges.
Robo currently ranges from simple financial planning to advice and investing. But new products and services are rapidly being developed by the early start ups and moving towards markets where there is significant need. The imminent launch of SIPPs by an incumbent player is a step in this direction with more to follow. Workplace robo solutions have been highlighted as a market segment which could be further developed.
This conference will address these issues and more including:
- identifying pockets of demand
- price and cost structures for different market segments
- managing different customer profiles and expectations and building investor engagement for long term relationships
- robo workplace solutions
- developing new products and services for a maturing market
Westminster and City organised the first Robo conference in the UK in 2015. The development since then has been rapid. Is this market on the verge of major growth and change?