NatWest robo-advice service set to go live

NatWest robo-advice service set to go live

The Royal bank of Scotland's NatWest unit will on Monday begin offering a digital investment service to its five million online banking customers.

First announced in February, the robo-advice service will let customers invest from as little as £500 for a £10 charge plus fees.

Customers will be able to choose the fund that they feel best suits their needs and the level of risk they wish to take. They can link their investment to a financial goal - such as saving for a deposit for a house - and track their investment performance online 24x7 using their normal online banking login details.

NatWest claims to be the first bank in the UK to offer an automated online investment service, although others, including HSBC, have their own plans in the pipeline as the industry rushes to take advantage of the robo-advice trend to bring cheap wealth management services to the masses.

Commenting on the NatWest news, Paolo Galvani, co-founder and chairman of independent rival Moneyfarm says: "The recent surge of online offerings from traditional wealth managers demonstrates the rise of robo-advisers, which the industry can no longer ignore.

"However, it’s crucial that digital solutions continue to be complemented by professional and human advice, which is not often the case."

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