Are big banks too big to robo?
By Gabriella Iannetta
Digital-first advice firms have weighed how the biggest banks will fare in the space, says Betterment’s director of behavioral finance and investing, Dan Egan.
Shifting business models for a long-term strategy into developing or buying a new digital platform could be a daunting task for a big bank already making money, he suggests.
“We do not have existing revenue streams that we’re worried about cannibalizing,” Egan says. “They could’ve started robos years ago but they weren’t incentivized to do it.”