Roboadvice is coming
PwC has released a new survey which shows two-thirds of financial services company say pressure on their profit margins is the top fintech-related threat, followed by loss of market share.
“As with all markets around the world, the emergence of fintech companies in New Zealand is increasingly redefining customer expectations, with customers now expecting real-time responses, simplicity, increased functionality and usability in ways that can make it difficult for our larger [financial services] players to respond,” said Andy Symons, PwC’s financial services leader in New Zealand.
“Ultimately, what we need in New Zealand is a strong financial ecosystem where fintechs can continue to innovate and do things differently, but equally, FS companies continue to operate and retain their financial strength and provide market stability and meet the financial needs of millions of individuals and businesses.”
He said investment advisers and wealth managers had voiced concerns about disruption in their industries. But he said it was unlikely roboadvice would replace advisers. “Online advice will suit a proportion of people, those who have more simple needs.”
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