A recent study on the jobs that are most likely to be replaced by robots in the future predicts that personal financial advisors have a 58% risk of becoming obsolete and ranking first place compared with all others.1 Interestingly, from a historical point of view, the banking industry has been among the first adopters of online advisory services. For example, Citibank and Chase Manhattan provided the first home banking systems for their customers already in 1981, and the Norwegian Focus Bank offered mobile transactions in 1999, long before the Apple iPhone was launched in 2007. The digital development of banking can generally be split into three phases, each focusing on a different area of digitization:2
Internal digitization (phase 1). The first phase of digitization concentrated on internal processes, such as advisory, payment transactions, or portfolio management. Here, banks focused on the automation of financial services processes like, for example, cash transactions with ATMs.
Provider-oriented digitization (phase 2). In the second phase financial service providers focused on the integration of core banking systems. For this, they had to standardize processes and application functions which were delivered from standard core banking solution providers such as SAP or Temenos.
Customer-oriented digitization ...
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