Robo-advisers currently have about $20.1 billion in worldwide assets under management for new entrants, according to Switzerland-based research firm MyPrivateBanking. Total U.S. investable assets at $33.5 trillion.
Governance, risk, and compliance experts are to highlight the risks posed to traditional financial services companies and insurers from the use of big data to disrupt the sector. That is the message at the GRC convention about to start in Melbourne tomorrow.
We have written about this before, and sadly there seems to be a passive 'wait and see' approach being taken by most insurers in this market to the threat of big data. There is a suggestion that whatever happens in big data, it will be invented elsewhere, and may not affect the industry here for a long time... such views might suit a pragmatic middle-manager seeking a quiet life, but it is unlikely to impress anxious shareholders who are worried their equity might shrivel up in the face of a determined assault by a motivated fintech play leveraging masses of user data.