With family ties to Venezuela’s banking system, Julio M. Herrera Velutini serves as the chairman of an international bank with offices in Florida and headquarters in Puerto Rico. Julio Herrera Velutini stays current on topics in the banking industry by monitoring trends and developments in the financial sector. According to analysts at Mintel, one trend that’s currently impacting financial institutions is the growing interest in “robo-advice,” or wealth management advice provided online and based on algorithms instead of personal information. Mintel forecasts that robo-advising will become increasingly popular, especially among young people whose assets don’t justify a personal financial advisor. In its Financial Services Trends 2016 report, Mintel found that 45 percent of millennials already believe that robo-advice is on par with counsel from a human advisor. By 2020, Mintel expects that the top robo-advisors will be managing more than $2 trillion in assets. Mintel suggests banking providers capitalize on millennials’ comfort with robo-advice by beginning to introduce automated operations, such as cross-selling and onboarding processes.
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AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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