In a recent article in Investopedia, Corporate Insight analyst Jen Butler discusses how digital advisors are expanding products and services and moving into banking:
“Once you get approved to hold bank deposits, and get a national banking charter, a lot of doors open,” Butler says. “More than half of the firms we cover in our awards roundup offer some kind of consolidation tool, usually using a third-party application such as Plaid or Yodlee.” Butler says she has seen an uptick in aggregation-based tools, including debt consolidation. “That’s smart for the robo-advisors with lower minimum balances because those clients tend to have more liabilities,” Butler notes.
Read the full news story here.