Italy’s Mediolanum group’s CheBanca! has launched Yellow Advice, its first robo-adviser for retail clients.
Yellow Advice claims to be the first robo-adviser in Italy that is completely open to retail clients offering an investment threshold of €20,000.
The new tool is available through an online platform and includes financial education tools as well as gives investors the opportunity of taking quiz and doing investment simulations.
CheBanca! decided to tap into the robot-advisory space following the results of its Digital Banking Index which found that out of 2.3 million Italians who invest in stocks, only 12% are familiar with the concept of robot-advisory.
Roberto Ferrari, director general of CheBanca!, said the new tool aims at offering a “360-degree advisory service” which is accessible remotely.
“As of today, more than 35% of our clients get access to asset management products exclusively online, which means our clients can learn to manage more complex investment tools on their own, if provided with the right equipment,” he concluded.