The digital asset management robo advisor was developed in 2019 by a project team from Sparkasse Bremen together with external artificial intelligence (AI) experts. According to a Smavesto representative, Sparkasse Duisburg is the first partner from the Sparkasse bank association that will offer its customers the robo advisor. The company also states that they are in talks with other companies from the Sparkasse finance groups about further cooperations.
Smavesto is planning on supporting Sparkasse Duisburg in developing new target groups who prefer digital solutions for investment. Investors can register via the Smavesto website to invest in a savings plan with an annual fee of 1 % per year. Customer credit is protected by a statutory storage system up to an amount of EUR 100,000. The custody accounts are managed by Germany-based investment bank Baader Bank, and the algorithm from investment company GET Capital is used.
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