Santander and US Fintech SigFig bring automated investments to customers
Santander Bank NA has partnered with San Francisco-based fintech SigFig to integrate digital tools to modernize the client’s investment experience.
The SigFig partnership has enabled Santander Investment Services to build a new automated investment management tool Santander PathFinder. The ‘digital advice’ tool aims to support Santander customers in working towards their long-term financial goals or saving for retirement.
“The Robo Advisor” PathFinder assesses the clients’ portfolio performance daily and rebalances if necessary. It aims to serve everyone regardless of “where they are in their financial journey”. The tool advertises a balanced portfolio of exchange-traded funds adapted to the goals and risk preferences the customers initially specify in an introduction form.
For those hoping to get their hands on the tool in North America, customers are asking for a minimum of $2,000
to get started and is required to pay an annual advisory fee of 0.5 percent.
In 2023, Santander Investment Services and SigFig are also working to further streamline the financial advisory experience they can offer. Plans to do this include providing clients with a fully integrated platform to view their investments and portfolios, as well as more convenient access to their financial advisors.
Santander’s modernization to ‘enhance client experience’
Jeff Weinerpresident and CEO of Santander Investment Services, said: “The interests of our clients are at the heart of everything we do at Santander.
“We are reimagining the way we serve them by placing an increased focus on digital and automation capabilities, while still leaning into Santander Investments Services’ personal approach to providing financial planning and advice. The relationship with SigFig is a step forward in the bank’s modernization plan to expand digital opportunities and improve the customer experience.”
Michael Shawco-founder and CEO of SigFig, said: “We design financial tools to give people the financial information and guidance they need to help them achieve their goals. We are proud of our partnership with Santander and look forward to offering Santander’s customers an industry-leading digital experience.”
SigFig has developed products for financial institutions, advisors and customers since its inception in 2007. Fintech aims to create solutions that bring financial services companies closer to their customers by delivering the right advice and solutions.
The company has a number of partnerships with notable financial institutions, including Wells Fargo, UBSand Citizens Economic. Thanks to these partnerships, SigFig’s wealth management tools are available to over 70 million customers. The company emphasized that it has helped millions of households access personalized investment advice.
