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    The Santander Digital Investment Adviser

    Santander UK

    Santander’s Digital Investment Adviser (DIA) is a new online robo-advice service which makes it easy for customers to start investing from the comfort of their own homes. The 25 minute online journey leads customers through a simple set of questions to receive a personalised recommendation.

    What customer problems did you set out to solve?

    Research has indicated that over 5.5 million adults in the U.K. are currently falling into an investment ‘advice gap’, unable to access financial advice or understand the various options available to them. These customers who have cash available to invest, are losing out as they just don’t know where to start.

    DIA has been carefully designed to walk even the most unsure of investors through a number of questions and activities to deliver easy to understand, regulated investment advice from a trusted high-street name. Customers can invest from as little as £500 or £20 a month.

    What differentiates your proposition from other offerings in the market?

    A major differentiating factor is the sophisticated risk assessment model (developed by FinTech BEIQ) which the service uses. Unlike existing robo-advisors, the model assesses a customer’s Attitude to Risk, Loss Aversion and Present Bias through a series of simple questions and gamified scenarios.

    The service has also been designed with leading insight from a Behavioural Psychologist to pioneer the way we use jargon-free language, a conversational interface and innovative graphical displays of projected returns to make getting into investments accessible for all.

    What impact has the proposition had? For example - in the industry, on your customers or commercially within the business.

    The proposition only launched to new customers on 27 September, with a national marketing campaign commencing soon after. However, we have already seen over 68,000 visits to our website, with a significant increase of new investment customers registering and using the service. DIA has also received positive reviews in the media and industry press.

    What’s next for your proposition?

    We have a continuous development programme, where we continue to use customer feedback as well as customer behaviour insights to develop new enhancements to the service. Our future vision is to create a holistic digital experience where the service links seamlessly with other bank offerings.

    To find out more about The Santander Investment Adviser, click here.