News

Santander partners with SigFig

Tuesday 28 February 2023 08:47 CET | News

Spain-based Santander Bank has announced its partnership with US-based fintech SigFig to incorporate digital tools into the investment process of customers.

Following this collaboration, Santander will be able to build a new automated investment management service that will be called Santander PathFinder. The new `digital advice` product will support the company’s clients in improving the way they manage their funds in order to archive their financial goals and purposes. 

PathFinder will take the portfolios of customers and review its performance daily while rebalancing it if needed. The product proclaims the possibility to analyse the balance of portfolios and documents while focusing on the exchange-traded funds hat suit the overall goals clients have. Regardless of the funds users have, or where they are in the process of reaching their financial objectives, PathFinder will prioritise their risk prevention preferences as well, all indicated initially in an introductory questionnaire.

For North American users, the tool requires a minimum of USD 2,000 funds in order to get started, while needing the clients to pay an annual advisory fee consisting of 0,5%. 

Moreover, SigFig and Santander Investment Services also plan to streamline the financial advisory experience for their customers even further. One of the tools they aim to release on the market is a fully integrated platform that will give clients the possibility to view their portfolios and investments while having more efficient access to their financial advisors.

Spain-based Santander Bank has announced its partnership with US-based fintech SigFig to incorporate digital tools into the investment process of customers.

Santander’s partnerships and product releases 

The financial institution appeared in one of the Voice of the industry articles published by The Papers in February of 2023. The publication researched and analysed the most important partnerships and collaborations that defined and built resilience in the fintech industry in Q4 2022. It covered multiple areas, from Open Banking to A2A, embedded finance, and all of the strategic decisioning that are in between. 

The Spanish banking group was mentioned because of its partnership with Google, announced in October of 2022. The aim of the deal was to offer companies across various industries the capability to transition from legacy mainframe systems to cloud tech. 

Google Cloud launched the Dual Run, a service that was developed in collaboration with the technology and software solutions provided by Santander. The tool counted for multiple applications in the financial services industry. Moreover, Santander started to use the Dual Run product in order to be able to upload data and workloads into Google’s secure infrastructure. The bank also leveraged Google’s expertise and tech abilities of cloud management to accelerate the digital transformation of its own services, while providing better products to its corporate users. 

By migrating the mainframe systems to the cloud technology, businesses and companies had the opportunity to better use their data and enhance their cybersecurity operations, while building a foundation for their further development. 


Source: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, online banking, digital banking, digitalisation, financial services, financial institutions, financial data
Categories: Banking & Fintech
Companies: Santander Bank, SigFig
Countries: United States
This article is part of category

Banking & Fintech

Santander Bank

|

SigFig

|
Discover all the Company news on Santander Bank and other articles related to Santander Bank in The Paypers News, Reports, and insights on the payments and fintech industry: