Royal Bank of Scotland becomes the first bank in the U.K. to go live with an investment robo-advisor under its NatWest Bank brand, RBS said in a release today.
Starting today, the digital service is available to NatWest Bank’s five million customers through NatWest Invests‘ platform online.
In 2017, The Royal Bank of Scotland (RBS), which owns NatWest, said automated financial advice services led to a 220-employee reduction in its face-to-face adviser roles.
Phil Northey, managing director of premier banking at NatWest, customer expectations are changing and they are increasingly choosing to bank digitally.
“At NatWest we are very focused on meeting our customers’ needs and it is clear that too many of our customers are not able to get the investment advice they need. Their expectations are also changing. They are increasingly choosing to bank with us digitally. We have responded by launching an online investment advice service. This will help our customers to get on in their lives and to achieve their financial goals. We’re proud to be the only UK bank offering such a service to our customers” said Northey.
RBS isn’t the only one doing this. Only this bank Deutsche Bank chief executive John Cryan has indicated that he is ready to replace thousands of workers with robots as he looks to cut costs with artificial intelligence. The bank is already in the process of cutting around 9,000 jobs globally, with 4,000 gone so far.