tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, May 19th, 8:45PM

News

rss
Latest Headlines

Big providers prime targets for automated advice

Big financial institutions already operating in this country are the most likely providers to roll out roboadvice in the near future, says the man behind an online KiwiSaver information and comparison site.

Tuesday, October 18th 2016, 6:00AM

by Susan Edmunds

Binu Paul

Binu Paul, of SavvyKiwi, is next month hosting an event, Finnotec 2016, which will discuss financial innovation and technology, including roboadvice.

The new version of the Financial Advisers Act will make this possible for the first time.

But Paul said New Zealand should not expect to see any new start-ups rolling out roboadvice soon.

Things such as the cost of building a database would be prohibitive, he said.

“At the end of the day it will be the incumbents who will find the most traction with roboadvice,” he said.

Roboadvice would largely be used as a customer acquisition and marketing strategy by big operators such as banks and fund managers, he said.

“It will give them the ability to provide advice to more people who currently don’t receive advice. The technology was always there, this just makes it more nimble and personalised and customised for the individual.”

Big operators would already have the customer base and brand required to roll out a robo offering, he said.

“In terms of commercial viability, incumbents stand the best chance. But that’s not necessarily roboadvice. I call it roboselling. They end up distributing their own products rather than providing an independent view of what’s best. Independence might be the casualty in all this.”

Paul said when he approached Callaghan Innovation about funding for SavvyKiwi in 2013, he had told them that his plan was to start with a focus on KiwiSaver but to eventually expand that beyond that.

He said he was not rushing into any further roboadvice at this stage but had had three or four incumbents talk to him about creating a platform that would extend beyond KiwiSaver.

“That means, suddenly from day one, you have a lot of scale,” he said.

Tags: roboadvice

« Advisers welcome prospect of roboLVR restrictions to be reviewed »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
ANZ Blueprint to Build 2.78 - - -
ANZ Special - 4.55 5.25 5.55
ASB Bank 5.35 4.49 5.25 5.55
Avanti Finance 5.45 - - -
Basecorp Finance 6.45 - - -
Bluestone 5.29 7.49 7.59 -
BNZ - Classic - 4.55 5.25 5.45
BNZ - Mortgage One 5.55 - - -
BNZ - Rapid Repay 5.55 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.55 5.35 5.94 5.99
BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.70 5.20 -
Heartland Bank - Online 4.00 3.85 4.70 4.84
Heretaunga Building Society 5.95 4.80 5.50 -
HSBC Premier 5.49 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 ▲4.29 ▲5.09 ▲5.35
Kainga Ora ▲5.43 ▲4.57 ▲5.58 ▲5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 5.00 5.55 6.19 6.39
Kiwibank - Offset 5.00 - - -
Kiwibank Special 5.00 4.55 5.19 5.39
Liberty 4.84 - - -
Nelson Building Society 5.95 4.95 5.85 -
Pepper Essential 3.44 - - -
Resimac 4.59 5.60 6.16 6.29
Lender Flt 1yr 2yr 3yr
SBS Bank 5.29 4.69 5.35 5.49
SBS Bank Special - 4.19 4.85 4.99
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - ▲4.19 - -
The Co-operative Bank - Owner Occ 5.45 ▲4.29 5.19 5.45
The Co-operative Bank - Standard 5.45 ▲4.79 5.69 5.95
TSB Bank 5.59 ▼5.14 ▼5.79 6.15
TSB Special 4.79 ▼4.34 ▼4.99 5.35
Unity 5.65 ▲4.80 ▲5.50 -
Wairarapa Building Society 5.24 4.55 5.20 -
Westpac 5.54 5.09 5.79 6.09
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.54 - - -
Westpac Special - 4.49 5.19 5.49
Median 5.45 4.55 5.25 5.52

Last updated: 19 May 2022 10:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com