Technology in banking is ramping up every day.

SimplyBiz has entered into an agreement to offer its members access to the direct to customer investment platform of UK-based low cost robo-adviser Wealthify.

To access the Wealthify platform, SimplyBiz members will not need any extra expense.

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The minimum investment threshold for advisers’ clients is £100.

Wealthify business development director said: “This is about evolving advisers’ propositions to include digital wealth management to complement their core face-to-face service.

“The result should be improved efficiency and improved business performance.”

The service leverages SimplyBiz’s strategic asset allocation model, enabling clients to transition back to the adviser in case of future need of advice.

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SimplyBiz marketing director Richard Ardron said: “Towards the end of last year, we conducted a survey of our membership which told us they viewed adoption of technology, intergenerational advice and the servicing of unprofitable clients as the biggest opportunities for their businesses.

“Wealthify helps to embrace a number of those opportunities, and provides advisers with a simple, innovative addition to the services they can offer.”

In June this year, life insurer Aviva took sole ownership of Wealthify.

The insurer picked a majority interest in Wealthify for £17m in 2018.

The transaction had the provision for the founders to sell their remaining stake to Aviva.

The founders have now used the option, which has made the robo-adviser a wholly owned but independently run subsidiary of Aviva.