Millennials prefer robot bankers to humans, Nordic lenders' wealth units find

The robots advising investors at the biggest Nordic banks just had their best quarter since being switched on.

Photo: Nikolaj Skydsgaard/Reuters/Ritzau Scanpix / Reuters Staff/Reuters/Ritzau Scanpix/ Ints Kalnins/Reuters/Ritzau Scanpix

Much of their sudden popularity has coincided with the crisis triggered by Covid-19. But the banks behind the bots say the development has also laid bare where human financial advisers add no value, and robots do.

At the biggest Nordic bank, Nordea, its robot adviser drew in roughly 40 percent more users in the wildest weeks of the Covid-19 panic than last year on average. During the same period, human advisers saw little new business, and instead spent the time helping clients rebalance existing portfolios.

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