Santander Bank NA has partnered with San Francisco-based fintech SigFig to integrate digital tools to modernise the client 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 clients in working towards their long-term financial goals or saving for retirement.
The ‘robo-advisor’ PathFinder reviews customers’ portfolio performance daily and rebalances when needed. It aims to serve all regardless of “where they are in their financial journey”. The tool advertises a balanced portfolio of exchange-traded funds suited to the goals and risk preferences customers initially indicate in an introductory questionnaire.
For those hoping to get their hands on the tool in North America, customers require a minimum of $2,000
to get started and are required to pay an annual advisory fee of 0.5 per cent.
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 giving clients a fully integrated platform to view their investments and portfolios, as well as more convenient access to its financial advisors.
Santander’s modernisation to ‘enhance the client experience’
Jeff Weiner, president and chief executive officer of Santander Investment Services, said: “The interests of our clients are at the centre of everything we do at Santander.
“We are reimagining the way we serve them by placing a heightened 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 move forward in the Bank’s modernisation plan to expand digital capabilities and enhance the client experience.”
Michael Sha, co-founder and chief executive officer at SigFig, said: “We design financial tools to empower people with 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 clients an industry-leading digital experience.”
SigFig has developed products for financial institutions, advisors and customers since its inception in 2007. The fintech aims to create solutions that bring financial services companies closer to their customers by delivering the right advice and solutions.
The company boasts a number of partnerships with notable financial institutions including Wells Fargo, UBS, and Citizens Financial. Thanks to these partnerships, SigFig’s wealth management tool is available to over 70 million customers. The company stressed that it has helped millions of households gain access to personalised investment advice.