FRANKFURT (Reuters) - Deutsche Bank has launched a computerized investment advisory service, seeking to keep up with other asset managers who have started introducing "robo advisers" to help certain clients create portfolios inexpensively.
Deutsche Bank's tool, dubbed AnlageFinder, uses questionnaires and algorithms to put together individual equities portfolios for customers of its branded online investment platform and was developed in cooperation with financial technology company Fincite, Deutsche Bank said on Monday.
In investment management, 'robo advisers' designed by internet start-up groups have begun to automate wealth advisory roles, calling into question face-to-face meetings and proprietary distribution channels, potentially threatening an important source of bank income.
Several large asset managers have started incorporating the technology.
Among others, Charles Schwab earlier this year introduced free automated investment plans picked by computer algorithms that create portfolios of exchange-traded funds.
Fidelity has started using 'robo advisers' as a tool of its own investment advisory services, allowing it to decrease fees especially when dealing with less affluent clients, who would otherwise shun the conversations altogether.
In the medium-term, Deutsche Bank is also planning to have its asset management advisers use the tool in client meetings at its retail branches, the bank said.
(Reporting by Arno Schuetze Editing by Jeremy Gaunt)