Robots have started entering our lives in different spheres and giving financial advice is no exception. Robo-advisers, or automated services based on computer algorithms, are catching on in the Indian market due to the relatively lower penetration of financial products in India compared to developed markets.
Globally, the market for robo-advisory services is growing and experts believe that the Indian market will follow suit. According to a Business Insider Intelligence forecast, robo-advisers (with some element of automation) will manage investment products worth $1 trillion by 2020, which will go up to $4.6 trillion by as early as 2022.
Over the years, technology advancement has also enabled robo-advisory services to be developed and scaled up to meet the specific needs of individual investors.
