by Mike ‘Mish’ Shedlock
The Royal Bank of Scotland fired 220 advisors and instead will use robots to answer customer’s investment questions. To talk to a real person you need £250,000. That’s about $362,000. RBS says this is what customers want.
RBS Fires 220 Advisors
Please consider RBS Cuts Hundreds of Jobs as FCA Approves ‘Robo-Advisers’.
Royal Bank of Scotland (RBS) has announced that it will be switching customer advice services over to automated ‘robo-advisers’ as it cuts 220 face-to-face positions.
The new online service will allow customers to log onto internet banking and receive free, tailored financial advice after answering a number of questions – expected to include ‘What are you saving for?’, ‘How much have you got to invest?’, and ‘How long do you want to invest your money for?’