Trust element
Patel explained the battle between robo and human advice comes down to the trust element about how clients feel.
She said: “Clients want advice that they can trust, but they're also going to want to experience digital platforms and services outside of industry and so there will be that expectation for that to accelerate over the next three to five years.
“The pandemic, the last 18 months, have demonstrated the need with all these tools and services coming about ... - I see them being enhanced, I see them being further developed and ultimately turning into fully fledged digital services.”
During the panel discussion, the panelists were also asked about how firms can convince a regulator that an algorithm is fair when it comes to robo-advice.
Rosser said: “That’s an interesting point because we are identifying areas for evolution. The reality is that people will evolve that thinking and it will improve, there's no question about it and it will be suitable for some people - either through personal choice or through other reasons to be using robo-advice to achieve that desired outcome.
“But is that going to take over the entire market, the whole sector, in my view, absolutely not.”
sonia.rach@ft.com
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