A digital financial solution that gives recommendations for investing and can implement them is not a dream of the future, but describes a robo advisor. Many banks and fintechs offer such an investment solution. Which is the best?
The German Institute for Service Quality has tested the providers of digital asset management and shows how user-friendly they are.
The examined robo-advisors achieve a good result on average - both the investment planners of the banks (78.4 points) and those of the fintech companies (74.9 points). Five providers achieve the quality rating "very good", twelve robo-advisors score "good" overall and only one product solution does not get more than a satisfactory result in terms of user experience.
However, there are clear differences in the usage process: the process can be carried out easily and without any problems with most robo-advisor solutions and the users always know what is expected. However, detailed inquiries about personal investment goals and the financial situation rarely take place. The range of results in this area of investigation ranges from very good to sufficient results.
All providers can score with their website. A wide range of information is offered on the investment planners, such as how they work or the costs. All providers also provide information on investment strategies, risks and potential returns. The comprehensible and transparent presentation of the content and the user-friendly design make the websites a good place to go for interested parties. Markus Hamer, Managing Director of the German Institute for Service Quality: "The fact that not all robo-advisors take the financial situation of the users sufficiently into account is not just a user experience deficit, because the success of the investment strategy also depends on the individual requirements. In general, however, the digital investment advisors offer a smart solution for professional financial investments for private customers."
With the quality rating "very good", Cominvest (Comdirect) emerged as the test winner among the banks. The website in particular stands out positively: users can find an explanation of how it works, information on risks and return opportunities as well as fees on the homepage of the intuitive website. A good rating is also achieved in the area of information and entry as well as the user experience.
Second place is taken by Bevestor (Deka Bank), also with the quality rating "very good". The robo-advisor convinces with the best user experience in a comparison of providers, since the process flow is very fast, simple and convenient. A very good rating for information and getting started completes the positive overall picture. Two other solutions with the quality rating "very good" follow in third and fourth place: Quirion (Quirin Privatbank) in third place ahead of Fyndus (Stadtsparkasse Düsseldorf).
With the quality rating "very good", Growney is the test winner among fintechs. The use is rated as extremely comfortable and customer-friendly. The solution also convinces with a detailed query of the desired investment as well as a wide range of information on the investment proposal, such as fund development. On the website, Growney offers, among other things, extensive contact information and a callback service.
Whitebox follows in second place (quality rating: "good"). The website offers a high level of information, to which a glossary and extensive contact information, including an explicit opportunity for criticism, also contribute. In terms of information and entry, the robo-advisor also achieves a good result. Ginmon took third place, also with the quality rating "good".
(This article was first published on Thursday, July 14, 2022.)
