Investors and consumer of financial services are looking for more advice about handling their money and they are turning increasingly to robo advice and personal financial management apps.

According to EY’s 2023 Global Wealth Management Research Report, the proportion of investors using some kind of fintech app to help with investment and money management rose from 8 per cent globally in 2021 to 9 per cent last year and is expected to rise to 18 per cent over the next three years.

Among Australian survey respondents, the proportion using an app for money management rose from 3 per cent in 2021 to 8 per cent last year. Twenty-eight per cent said they expect to use a “fintech provider” in the next three years.

Providers of robo advice and personal financial management tools have struggled for years to gain traction. What has changed, according to EY, is increasing consumer digital engagement, competitive fees for digital advice and ease of use.

Customers also reported that they like to use digital tools to interact when they choose.

“Responding to customers’ openness to engage virtually will increasingly become a differentiator, as the availability of online and hybrid offerings grows,” EY said.

EY found in its 2022 Fintech Australia Census that the proportion of fintechs involved in wealth management is relatively small but grew strongly last year.