Vanguard applies for banking license in Germany

This decision is part of Vanguard's strategy to market low-cost investing options to small investors in continental Europe through robo-advisors. According to a Vanguard official, they believe their investing strategy will also appeal to German investors.  Vanguard faces competition in Germany, seeing as around 20 robo-advisors are currently already active in the German industry, which is estimated to be worth EUR 5 billion.