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Australians want more from service providers

Peter Terlato 2 February 2017

financial advice couple tablet

And they're looking to robots for advice and support.

Australians are seeking greater control over their financial, insurance and investment service experience and are happy to share more data in return for new benefits, according to the latest consumer research.

Global professional services company Accenture released its Financial Providers: Transforming distribution models for the evolving consumer report, revealing consumers are willing to hand over more personal information in exchange for priority service, lower costs and improved product personalisation.

Almost two-thirds (63%) of Aussie respondents would share more data with banks in return for greater benefits. A higher proportion (73%) would entrust investment advisers with more information if it meant improved service, while more than half (52%) would exchange extra data with insurers for new benefits.

Many Australians are also open to receiving robo-advice when facing decisions around product choices.

The majority (60%) of Australians surveyed said they would be happy to utilise entirely computer-generated support for banking services, while a similar proportion (64%) would be keen on robo-advice when purchasing insurance and an even greater number (66%) for investment support services.

finder.com.au recently spoke with Harry Chemay, CEO of digital financial advice provider Clover, to discuss the barriers preventing robo-advisers from improving access to tailored financial advice.

Accenture's report also highlights that for younger Australians, online services and companies such as Google, Apple, Facebook and Amazon are enticing alternatives to traditional financial providers.

Almost two fifth of Generation Y respondents (38%) would consider banking with an online service provider, while more than half (53%) would consider purchasing investment advisory services online.

A recent banking study discovered the majority of Australians are anxious about their financial future in 2017, particularly housing affordability, household debt and the flow-on effects of the local economy.

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