UK financial services lead in RPA deployment

UK financial services firms’ efforts to grow their robo-adviser ranks are leading the rest of the world, according to analysis from PwC. 

As global financial services powerhouses and agile market entrants vie to harness technological advances and retain or poach consumers, 37% of UK firms surveyed have implemented robotics processing automation (RPA) compared to 28% globally. 

The UK’s tilt to expand its robo-advice capability is also offset against the need to maintain trust with a consumer base demanding human interaction for priority services. This is an area that ICT providers in the finance sector could address.

Rav Hayer, UK fintech leader and PwC Partner, observed: “We're seeing a growing shift towards hybrid human and robo-advice strategies, with even some of the pure-play robo-advisers hiring humans.

"Most consumers want the reassurance of some human oversight alongside access to a human adviser for key decisions. 

"Financial services firms face a dilemma on how to balance the need for that human interaction with the digitally enhanced offerings customers also expect.

“The fact that personal human contact is globally near the bottom of the list of ways in which some executives think FinTech should be used to retain customers raises questions about the balance.” 

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