Robo firms saw their assets under advice grow by more than 80 per cent in the 12 months to the end of the second quarter as customer numbers also boosted.
Analysis from consultancy Boring Money on the DIY investment market shows robo advisers saw AUA increase to £2.6bn from £1.4bn 12 months ago.
Users of robo offerings grew 119 per cent to 406,000 from 185,000.
Boring Money says user growth includes True Potential customers who came through workplace pensions. It includes True Potential Direct in the robo figures because that offering gives a path into a ready-made portfolio online through a questionnaire.
Robo firms’ market share increased marginally with a total market share of 1.2 per cent at the end of the second quarter up from 0.75 per cent 12 months ago.
The analysis finds robo customers have an average age of 40, compared to 55 at banks.
Boring Money notes that over the past 12 months there has been increased activity from banks in the retail investment market, particularly towards robo-advice services.
Lloyds, HSBC, Nationwide and Santander have all laid out their intentions to offer automated advice and Barclays and RBS/NatWest already have propositions in the market.
However, not all services have been successful with UBS announcing today it was closing its UK robo-adviser SmartWealth to new customers.