'Robots' to replace 550 advisers at RBS

The rise of automation led to the axing of 550 jobs at the Royal Bank of Scotland, with the bank replacing them with so-called robo-advisers.

RBS blamed falling demand for face-to-face services for the cuts, which were set to occur in its investment advice and protection advice divisions.

It was understood the robotic advice would consist of a series of online questionnaires, which would then use algorithms to provide investment or protection advise to customers.

"We want to help as many customers as possible invest their money in the right way for them," a spokesperson for the bank was quoted as saying.

RBS said the demand for face-to-face investment advice was changing, and customers increasingly wanted to bank with them using digital technology.

"As a result, we are scaling back our face-to-face advisers and significantly investing in an online investing platform that enables us to help a new group of customers with as little as £500 pounds to invest," the spokesperson added.

The bank was working to control its costs after posting an eight consecutive annual loss this year. It remained 73% owned by the government.