The firm will use funds from its recently sold insurance business to fund a digital expansion.
Asset management giant Standard Life Aberdeen is planning to launch a robo advice service.
Formed by the merger of Standard Life and Aberdeen Asset Management last year, the firm is selling its insurance business to £3.2bn to the Phoenix Group, it annouced today. Standard Life had been in the insurance business for more than 200 years with its sale demonstrating the new firm’s plans to be a pure play asset manager.
Part of that strategy appears to be a double down on innovation and digitisation. Buried in its latest results – out today alongside the news of the insurance business sale – is a section suggesting its move to invest in technology, more specifically robo-advice.
The firm said: “Clients and customers want innovative products and services to improve the way they access, invest and keep track of their assets, and it's important for our business that we keep up with this trend. As they take on more responsibility for their financial decisions, our services need to make the process of doing this as simple as possible - whether online, by phone or face to face.”
As a response the firm is hoping that by investing in technology it will help it become more scalable and operate more efficiently.
It added: “Through the programme we're running to integrate our asset management businesses, one of the main aims is to deliver modern, consistent experiences across all of our platforms to meet the expectations of clients, customers and advisers.”
“Our work to improve the experience we offer our pensions and savings customers includes integrating our workplace solutions with our clients' existing technology, and developing our capability in offering automated advice based on customer data, or 'robo-advice'.”
Standard Life Aberdeen will join a growing roster of banking giants to move into the nascent market once largely populated by start ups.