Robo Advisory App
ICICI Bank has come up with its new mobile app which is going to be one of the best investment apps so far. ICICI launched the Robo Advisory App for the Mutual Fund Investments.
The Bank has launched “Money Coach”, which is a software robotics algorithm-led investment advisory application on the mobile. This app will facilitate a paperless KYC and also online registration process for the mutual funds in a single click, which is a first among all the banks.
Fintech players have changed the way financial services are getting offered and now therefore they are facing a serious challenge to the banks. The Banks are also facing the heat even in their traditionally strong areas whether it be the loans and investment advisory services.
This app has no wonder worked well for customers as banks leave no stone unturned to bring innovations on their platform. Each and every Bank is trying to provide the most of their services through the mobile apps. And in this run, ICICI has taken one of the best steps so far.
What is Robo Advisory App?
A Robo Advisory App is, therefore, an automated service which will provide you advice on managing investments and even help you in buying some financial products.
The advice is mainly generated using algorithms. From registration to execution, little human intervention will be needed. Though all Robo Advisory platforms provide us with multiple choices for quick, clear and scientific investment advice, there is a difference in the final recommendation.
Although the basic premise is the same; for your long-term goals if it is more than five years, it works best to allocate to equity, and into
Robo Advisory App is an application which makes investing easier. It offers useful and wholesome advice. Robo advisors adjust their advice to account for or balance out any inherent psychological biases of the investor.
Discussing further, some amount of basic understanding of personal finance is always necessary in order to use Robo Advisory services properly.
Who should take advice from a Robo Advisory App?
It is always said that a Robo Advisory App offering are low-cost and therefore they are best suited for those with a low-asset size. While, on the contrary if we discuss the financial advisors believe that it should only be used by those investors who have a thorough knowledge of financial products and know the risks of investing.
In a booming stock market, a risk-averse investor might feel that it is best for him to invest in equities. On the other hand, the same investor might not feel or may not be able to handle losses well when the stock market is going down.
- What happens in short-term market volatility, or during personal emergency?
The automated advisory platform is sure to send you the reminders stating that you are moving away from the long-term goal, but the exact cash flow and the behaviour management suggestions may not be provided from those that are not full-service platforms.