ABN Amro is moving into the robo-advisory space, preparing for the launch of a new digital wealth management platform in Germany.
The new endeavour, dubbed Prospery, was unveiled as the bank presented its Q3 financial results. The figures showed profits up 11% year-on-year and costs trending down as as the benefits from an ongoing IT transformation programme and cost-saving initiatives are felt across the business.
The new wealth management offering arrives from the same stable as New10, a fully digital lender offering business loans ranging between EUR 20,000 and EUR 1 million and a credit decision within 15 minutes, that was launched in September. This followed the bank's commitment earlier this year to set up small innovation units in each business to rapidly develop and deploy new fintech-lite products and services.
Kees van Dijkhuizen, ABN Amro CEO, says: "In Germany we will shortly be launching Prospery, a digital wealth manager that offers clients wealth and investment management through a digital platform combined with a personal financial expert - all at a unique fixed flat rate. Prospery is the first digital player in Europe to deliver such a comprehensive digital wealth management proposition."