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NAB to roll out 'robo advisers'

NAB to roll out ‘robo advisers’

(11 September 2015 – Australia) National Australia Bank (NAB) is rolling out a digital advice platform, commonly known as ‘robo-advisers’, that promises to give customers tailored financial advice through its online portal.

NAB Prosper will initially roll out to 40,000 customers in a move aimed at the 80% of Australians who do not have an active relationship with a financial adviser.

Accessible through customers’ internet banking accounts, the service will ask users specific questions relating to their current financial situation and future goals and provide them with a personalised assessment.

The service’s focus will be on super and insurance, with plans to expand into other financial services including debt, cash flow, investments and estate planning in the future.

The bank says that over the last two years it has seen double the number of customers link their wealth and banking products into their digital banking view.

"What this shows is a desire for our customers to be online. Whether it’s banking products, wealth products, or a combination of the two, customers now want their products easily accessible at any place, at any time," said Anne Bennett, General Manager, digital and direct and digital services.

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