Robo-advisory was one of the first use of financial technology in the investment space. Robo-advisors provide an online wealth management service based on their proprietary software. This has reduced the advisory costs as there is less human involvement therefore reducing their cost per client. This has enabled greater use of technology to achieve simplicity and avoid the unnecessary paper work involved. The current generation in particular can use these services with ease as these are provided through apps and with an increase in the smartphone usage, these could be perceived to be more user friendly. This technology also helps you to invest on your own without having to interact with any representatives and some Robo-advisors even offer significantly less fees as compared to the traditional wealth management firms. The financial technology in these Robo-advisory firms is developing fast and with this they have eliminated minimum investment amounts and targeting younger people and also allow people to try and invest with smaller amounts to build confidence. This to me is a great revelation and use of FinTech to provide investment services to the common man.
https://investorjunkie.com/37307/5-ways-robo-advisors-changing-investment-industry/