Mortgage advisers are getting an early taste of what roboadvice may look like, and it's pretty unpleasant.

Last week I attended a conference on Fintech - that great description of technology in financial services. The big take out was how important technology is going to be in our sector.

A practical takeout of what things may look like in the future came from Kiwi Wealth (Kiwibank's investment business).

It went like this; The bank would build all these fancy algorithms and run them on their KiwiSaver member data. It could identify where a customer needed to make changes to reach their goals. In the example a customer received a message saying to reach their objective they should switch to another fund and increase their contributions by a specified number of dollars a week.

All they had to do was click the ACCEPT NOW button and the changes would be made.

This, we were told, was what might happen in the future.

Well the future is getting closer. ASB has introduced a new system system where it is electronically contacting borrowers when it comes time to refix their home loan. The customer gets a message with a rate and terms and just has to click the ACCEPT NOW button!

Sound familiar?

The new system offers no advice and is channel agnostic. That is it doesn't matter whether the client has come to the bank through its own channels or through a mortgage adviser.

What's more it is offering clients better rates and terms than what mortgage advisers can offer their clients. Clearly mortgage advisers I have spoken too aren't particularly happy.

To find out more and see what ASB says read this story.