About
A new concept of Robo-Advisor. Hybrid (Human+Digital), Educational, Fully flexible omni-channel, Multiobjective, Accessible. The new digitally empowered wealth management.
Innovation presentation
Yellow Advice is a unique digital/robo-advisor. The first of its kind in Europe. It's not only a robo-advisor, it's educational, it's human+digital and truly multichannel. And it's from a (digital) bank.
Firstly: it's open, educational and engaging: the program includes an educational website, open to everyone (Yellowadvice.chebanca.it), where everyone can read financial info and news, take lessons, make tests (divided in classes), play with personal finance simulators. All for free, with social log-in.
Secondly: it is a fully fledged digital advisor, that includes a behavioral economic questionnaire ("Investment test") to measure risk appetite and determine customer goals. Customers can set up to to 4 investment goals, fully customized on their financial needs, in terms of duration, capital and yield goals. The asset allocation engine can produce up to 42 different mutual funds portfolio solutions, based on to customer goals and risk appetite. UX and UI are at the level of best in class FinTech international robo advisors.
Thirdly: It's hybrid, as it comes with integrated human support as it is backed by online collaboration tools, such as video/web chat, file sharing, desktop sharing. Users can get online help of a CheBanca! advisor, directly from the robo page, or can decide to stay in the "self-service" mode up to full online order execution. Moreover they can also choose to see a dedicated advisor at the CB! store/branch. Up to them to choose if and how use human assistance (full freedom, all for the same price).
Fourthly: transparent and accessible: it comes with online visualization of daily performance vs benchmark, periodical monitoring and rebalancing by CheBanca! asset allocation HQ team. Moreover, customers have the right to have at least one quarterly face-to-face or remote meeting with an assigned CheBanca! personal financial advisor. All at an all-inclusive price: only 0,3% of advisor fees, other revenues come from rebates, no performance fees, no entry or exit fees. Customer investments can start from €20k.
The birth of this service is rooted in CheBanca! innovation team, which then was followed by the involvement of all departments of CB!. The team has scouted the best solutions in the investment world, benchmarks came from CBA - MyWealth, Wealthfront , Betterment, Money Farm and an evaluation of 30+ software providers. The Yellow advice platform has been developed also with the partnership with two Italian FinTech startups (Advice Only and Deus Technology) and one technology vendor (ObjectWay).
Uniqueness of the project
This concept is a strong incremental innovative proposition vs CheBanca! standards, and it's very disruptive vs the market. Before the launch, there was no service like this in Italy and Europe as well (see part 1 for more details).
• No one mates an advisory investment service to an educational proposition that does the good of the customer. An empowered user is a better one for CheBanca!
• Hybrid/fully flexible: No advisory service leaves you free to choose whether to do it all by yourself (pure on line direct-to-consumer) or get help from a human advisor, where and when you need it: online, over the web with web collaboration or at the branch/store. All at the same price. You choose. And you get best of our portfolios any way.
• Your portfolio is monitored constantly and you'll get the chance to rebalance according to indications that CheBanca! It will provide you regularly. You have a full report on your investments and you can consult the financial information prepared by CheBanca! with investment views for the month and the following quarter.
• 42 portfolio solutions based on your profile and needs.
