Belgium's KBC has launched an online investment account run entirely by a bot-based assistant dubbed Matti.
Available to both KBC customers and non-customers with a minimum of EUR1000 to invest, the Matti account was developed by the bank's online brokerage platform Bolero.
The algorithm behind Matti was developed by experts from KBC and is based on Harry Markowitz's Nobel Prize-winning Modern Portfolio Theory. It's arrival on the market follows six months of user testing.
Users must first complete a 15-minute questionnaire to assess their risk profile before being presented with a portfolio of trackers from a universe of around 50 ETFs from well-known independent issuers,
Matti continuously monitors the individual Matti portfolios, automatically notifying clients when the portfolio contains too much or too little risk or it’s composition deviates too much from the model portfolio. Alterations to the model are presented to investors who can choose whether to follow Matti's advice or not.
Werner Eetezonne, CEO Bolero, says: "Investors who are reluctant to make their own choice from the wide range of listed instruments or who simply do not have the time to follow up their portfolio themselves, can use Matti."