Main findings for robotics in producer services
Producer services are Australia’s most valuable services worth 22 per cent of GDP, and the industry is already undergoing significant change due to robotics. Australia is one of the major centres of capital markets activity in Asia, with one of the world’s largest pools of contestable funds under management, and a property industry that attracts strong investment. The sector has been disrupted by the advent of mobile technologies, with the internet replacing many front-line service roles in the sector, and the dominance of Australia’s ‘big four’ banks, challenged by small, nimble competitors. Investment in technology has mainly focussed on non-robotic automation, such as the application of artificial intelligence to call centres, high-volume transactions, trading, and financial advice. Consumers expect to access the latest technologies, and social robots are entering the sector, providing concierge and advisory services. The full extent of opportunities that may be provided to the sector is yet to be explored.