NAB is going to use robots to provide financial advice

Photo: Getty Images

First Ashley Madison, the cheating website where it emerged thousands of robot programs were impersonating women on the site, now a major Australian bank is planning to dish out computer-generated financial advice.

NAB Prosper is being rolled out to 40,000 customers initially via their internet banking accounts in a bid to cross-sell more products. After answering specific questions on a person’s financial situation and goals, it will offer a general tailored assessment, focusing on insurance and superannuation -– with the option to seek further advice from a real human adviser if required.

NAB plans to expand into debt, cash flow, investments and estate planning in the future.

The bank says it is “designed to empower the 80% of Australians who do not have an active relationship with a financial adviser”.

NAB has around three million online banking customers and Anne Bennett, the bank’s general manager, digital and direct services, said the number of customers linking their wealth and banking products into their digital banking view had doubled in the past two years.

“What this shows is a desire for our customers to be online. Whether it’s banking products, wealth products, or a combination of the two, customers now want their products easily accessible at any place, at any time,” she said.

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