Despite the emergence of ever more powerful digital tools, the French prefer human contact for their banking operations and paid services.
Robo-advisor: how does it work?
A robo-advisor is a 100% digital asset management advisor. Built around algorithms, it can arbitrate asset allocation on its own, or propose arbitrages to the customer. In both cases, the robo-advisor adapts to the investor's profile and market trends. In France, these online savings management services are not fully automated, as players have chosen to combine algorithmic models with human investment committees.
Yomoni, Marie Quantier, Advize, Nalo, WeSave, FundShop... Robo-advisors have proliferated on the French market in recent years. However, their offerings target different uses and audiences. For example, only Yomoni, WeSave and Nalo offer delegated management. FundShop and Advize, on the other hand, issue recommendations to users. The latter can then keep control of their investments, while regularly consulting the arbitration proposals made to them according to market trends and the objectives they have set.
To operate, these online asset managers need to define their customers' profiles via one or more questionnaires. On the basis of the data collected, they can then make personalized investment proposals.
Bank advisors seen as the most reliable source of information
While the arrival of robo-advisors on the market heralded the end of the banking advisor's profession, a Next Content study carried out on behalf of CGI shows that the French still have little confidence in these systems, identified as "black boxes". Indeed, more than a third of those polled believe that a computer program cannot replace a bank advisor for some or all of the recommendations he or she is called upon to make.
The survey results show that there is a growing appetite for services that combine technology and people. However, this trend is more marked among the under-35s: 42% believe that a computer program can replace a bank advisor, compared with 20% of those aged 65 and over.
Finally, the study shows that half of all French people connected to the Internet are multi-banked. More precisely, 93% of them have a traditional bank as their main bank. Only 7% have opted for an online bank. In addition, less than one in three of those surveyed are prepared to pay more for banking services in exchange for non-financial, digital services offering real added value (home assistance, ticketing services, etc.).
So, while some anticipate the end of human advice and the bank branch, others see an opportunity to give more meaning to the banking advisor's job.