RBS Welcomes the Robot Revolution

This week, banker's fears were confirmed and the robot revolution has begun. The Royal Bank of Scotland (RBS) will sack hundreds of face-to-face advisers and replace them with a robo-advisory online service, after the Financial Conduct Authority (FCA) approved this technology. "Our customers increasingly want to bank with us using digital technology. As a result, we are scaling back our face-to-face advisers and significantly investing in an online investing platform that enables us to help a new group of customers with as little as 500 to invest," a RBS and NatWest spokesperson said in a statement according to the BBC. More and more banks are searching for digital options because they are cheaper and easier to use, and this attitude is advocated by the FCA.