Software creates a portfolio for bank customers that could be designed to support, say, efficient energy sources or refugees and avoid investments clients consider objectionable.
A combination of mutual and clashing interests has driven many players — big banks, community banks, credit unions and fintechs — to offer high-interest, digital-only savings and checking.
In addition to launching an automated investing app, the bank created a dedicated adviser unit to provide personal service to customers when they need it.
Despite the growth of digital advice, there's resistance to the business inside banks because of internal politics and a lack of data sharing, the company's CEO says.
Traditional players are getting innovative, and upstarts are becoming more sophisticated. The survivors will be companies that offer consumers an array of easy-to-use services, a venture capitalist says.
United, which helps retirement-age savers find the best ways to manage their wealth, is Capital One's answer to a flurry of similar deals made by rivals.
Several wealth management firms, including Marcus by Goldman Sachs and Wealthfront, have launched banking products to complement their investment services.
