3 in 4 consumers are open to the use of robots in banking

More consumers are willing to switch to non-traditional financial services providers.

According to South China Morning Post, a high percentage of Hong Kong consumers are willing to accept the use of robots – computer-generated advice and services – for their banking, insurance and retirement planning needs in future, according to a new survey by Accenture. The global consultancy found seven out of 10 respondents around the world would welcome such advanced digital retail platforms, which first emerged as robo-advice and automated trading systems in the investment banking sector.

Piercarlo Gera, the senior managing director at Accenture Financial Services, said that financial institutions will need to put in place a “phygital” strategy that seamlessly “integrates technology, branch networks and staff to provide a service that combines physical and digital capabilities, and gives consumers a choice”.

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