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Standard Life tests its robo-advice tech on own customers

The pilot follows SLA creating its own robo-advice company

Standard Life tests its robo-advice tech on own customers

Standard Life Aberdeen (SLA) is piloting a robo-advice service on its own customers as part of its push into the digital advice world.

In January, New Model Adviser® revealed SLA created a new robo-advice company in an effort to build up the digital capabilities of its national advice business 1825.

Now SLA is testing the robo-advice technology it is developing on non-advised Standard Life customers who are approaching retirement.

‘We are running a pilot with a small group of Standard Life customers who are nearing retirement and not currently receiving advice,’ a SLA spokeswoman said.

‘The pilot is based on digital technology we are developing to support planning and advice at a time when people have to make some of the most complex financial decisions of their life. The technology is designed to complement and enhance the suite of offers and service currently available to our customers when approaching retirement.’

After testing the firm will then consider how it takes the robo-advice technology forward.

‘It is a targeted pilot aimed at a key point in a customer’s life, seeing if the technology we have developed will help our customers as part of their advice journey. Once we understand more from the outcome of the pilot, we will consider the next steps,’ the spokeswoman said.

Last year 1825 was one of the 29 firms that joined the fourth wave of the Financial Conduct Authority’s (FCA) regulatory sandbox, with an automated proposition for consumers close to retirement.

Following SLA’s deal with Phoenix last year, there are 10 million customers across the two businesses, many of which are non-advised. In a circular last year, SLA said the deal would allow 1825 to provide advice to Phoenix’s non-advised customers.

SLA’s head of UK Barry O’Dwyer told New Model Adviser® earlier this year the firm is hoping to roll-out a robo-advice service to other IFAs in a bid to improve the productivity of their businesses.

‘Some of it might be enhanced cashflow modelling at retirement, building tools that would help IFAs deliver better advice at retirement,’ he said previously. 

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