Promsvyazbank launches robo-adviser …

Promsvyazbank launches robo-adviser … post thumbnail image

This service is designed for novice investors.

A robot advisor has appeared on the Promsvyazbank (PSB) mobile app, the credit agency said in a press release.

This service will help private investors to form investment portfolios. To do this, the client must connect the service to the contract and fill out a questionnaire. Based on these answers, the system will compile the client’s investment profile and automatically create a portfolio that is balanced in terms of risk and return.

This service is available to clients who have a broker or individual investment account with PSB.

Robo Advisor can also remind you of the need to rebalance your portfolio. Investors will make the final decision to buy or sell the securities themselves, the bank notes.

The new service is designed for budding investors, said Alexey Zhogolev, director of PSB’s wealth management department.

“We are continuously developing a digital brokerage infrastructure that allows clients to form a broader picture of the stock market and more confidently and effectively manage their investments,” said Zhogolev.

According to the bank, 2.5 million people use the services of credit institutions. The PSB application for Android has been downloaded by more than 100 thousand people.

As a reminder, the first accredited robot advisor for investors appeared in Russia in 2019. It was the VTB service.

In May 2021, it became known that the Bank of Russia decided to strengthen control over the use of investment advisory robots. The Central Bank intends to “check the quality of such programs” and will provide developers with requirements to protect customer data from April 1, 2022, RBC reported, citing the regulator’s press service.

Read also: the financial sector leads in the ranking of digitizing sectors of the Russian economy, the study shows.

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