59% of brokers see AI and robo-advice as biggest threat to business

More than eight out of 10 brokers (84%) believe that advancements in technology over the next five years will majorly impact their businesses, according to the latest research.

United Trust Bank’s (UTB) latest broker sentiment poll surveyed 130 brokers and asked them which fintech areas would benefit or threaten their businesses the most.

The survey revealed that:

  • e-signature was the biggest opportunity for brokers (79%), followed by biometric ID verification (53%) and Open Banking (37%)
  • AI/robo-advice was viewed as the biggest threat by the respondents (59%)
  • Open Banking was the second biggest threat (20%), with cryptocurrency coming third (18%)
  • 53% of respondents expected their businesses to invest up to £10,000 in new IT development in the next 12 months
  • only 45% of brokers felt that their businesses were doing enough to prepare for — and take advantage of — potential advancements in technology over the next five years

Harley Kagan, group managing director at UTB, said: “What’s undeniable is that change is coming, and businesses need to keep abreast, if not ahead of, the fintech that will affect the way we deal with partners and customers moving forwards.

“In specialist lending, where the human element is vital when weighing up lending decisions, we are some way from seeing an entirely digital journey.”

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