According to the report, early mover banks adopting API based technology and collaborating better with technology providers that can use this data securely and cleverly are "already reaping the benefits".
The report claimed that a more streamlined approach to data sharing and working collaboratively in this way would help "deliver meaningful value" to clients and providers in terms of cost reduction and better services.
One obstacle, however, as Mr Vaidya commented, was the consumers' initial reluctance to share information and allow fintech companies to take this aggregated personal information.
But he said this was changing and many consumers were comfortable with allowing their data and information to be shared.
"The consumer gains in the process as they can choose who gets access to their data, and how, and the end result is a better, more personalised financial service for them", he explained.
Mr Sullivan added there was "no question" that banks were focused on data security: 65 per cent of those surveyed for the report said this was a core focus for them over the coming months.
In the US, as well as Europe and the UK, Mr Sullivan claimed such developments over and above the basic use of 'robo-advice' will mean the customer will get access to new products and service that are relevant to them, and at lower cost than in the past.
"This is where the industry is going", he said.
Robo-advice and the use of technology to provide a better service is not something to be feared, according to Dirk Paterson, director of the Corporate Comms Shop.
Writing for FTAdviser, has said that while robo-pensions could be the "perfect fear storm", it could be the only solution.
He said: "We know from years of research by behavioural economists and others that we humans have fear about pensions, fear about advice and fear about robots.
"So robotic advice on pensions, is surely a perfect anxiety storm for the average pension saver. Yet ‘robo-advice’ is becoming reality, as will a whole host of other robo interventions in society."
simoney.kyriakou@ft.com
