Decimal Software, the robo-advice platform builder, is launching a more off-the-shelf solution for superannuation funds and finance houses.
CEO Nic Pollock says Eqilize is a solution for those who want the benefits of robo-advice for their customers but do not have the time or resources to build their own.
“We can do this now because we have the real market experience,” Pollock says. “This in no way prevents those customers iterating and evolving their digital offering over time but gets them into the market sooner.”
Robo advice promises lower overheads for financial services companies. And for those making investments online, there’s no comfortable chat with an adviser but, hopefully, it means lower fees.
Decimal’s white label robot financial adviser platform now has more than $3 billion in funds under advice, all gathered since the middle of last year.
In December, Decimal signed Mercer for an advice platform via 170 superannuation fund customers, a potential audience of 600,000 users.
Pollock says there are two types of customer who want to deliver automated advice direct to customers — those that want to deploy and deliver value rapidly via a solution such as Eqilize and those typically larger organisations pursuing a bespoke solution.
In Australia, 80% of the market still doesn’t receive any form of financial planning advice. That’s where Decimal sees the real potential.
In its latest half year results, Decimal Software posted a $4.14 million loss. The company announced a capital placement for 50 million shares at $0.07 in November 2015 to raise $3.5 million.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.