Bruce Moss, director of strategy at EValue, made the comments after a report yesterday suggested consumers are deeply sceptical about robo-advice and prefer human financial advisers.

A survey involving nearly 15,000 people across 15 countries across Europe found 91 per cent would not let a computer program make and act on financial decisions on their behalf.

Win a gift voucher by telling FP Today your views on Financial Planning

Special feature: Robo-advice versus bionic advice - what is in it for Financial Planners? 

Mr Moss, pictured below, said: “Over time automated advice will develop, become more sophisticated and consumers will become more comfortable with it. Initially, as with self-driving cars where a passenger sits behind the wheel ready to take over in an emergency, automated advice will initially come with a significant degree of human support particularly if the advice is complex.

“As with self-driving cars, I suspect a similar survey in 10 or so years’ time, when consumers have experienced what the technology can do, will come up with very different conclusions.”

He said: “The real surprise in the research is that 10% of those surveyed would be prepared to give up control of their money to a computer. It’s a bit like asking would you be prepared to get into a self-driving car when you have no information about who has built it or whether it has been adequately tested in all road conditions.

“Consumers do not just have a binary choice between robo-advice advice delivered by a human being in the traditional matter. The reality is that automated advice will complement traditional advice, offering choice and increased efficiency which will be reflected in what consumers are asked to pay for advice.”

One in three (36%) was against all automated activities when it comes to their finances.

The report suggested that most consumers do not feel comfortable with the new technology.
The results came in the fifth annual ING International Survey Mobile Banking 2017 – Newer Technologies.