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ABN Amro prepares to launch new digital wealth manager in Germany

The bank is making another move into the digital space with its new robo advice product, Prospery.

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After launching its first digital loans platform New10 in September, ABN Amro is gearing up to join the robo-advisory space with its latest endeavour in digital wealth management.

CEO Kees van Dijkhuizen announced the news alongside the release of the Dutch bank’s Q3 filings, which saw ABN Amro’s net profit increase by 11 per cent compared with Q3 2016.

Set to shortly launch in Germany, digital wealth manager Prospery will “offer clients wealth and investment management through a digital platform combined with a personal finance expert - all at a unique fixed flat rate”.

Confident in the new product, he added a bold statement: “Prospery is the first digital player in Europe to deliver such a comprehensive digital wealth management proposition.”

It marks the second step taken by the bank towards developing new and enhanced services for its clients, after it made a commitment earlier this year to set up small innovators in each of its businesses.

The news comes as Germany’s first fully-integrated partnership between a major bank and a digital wealth manager is seeing successful results.

Since partnering with ING-DiBA, digital wealth manager Scalable Capital has reported a €150m boost over the past 10 months to its assets under management (AUM), taking its total AUM to €500m.

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