Citizens Bank adds digital investing capabilities to Wealth Management platform

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Citizens Bank adds digital investing capabilities to Wealth Management platform

Mon, 12/05/2016 - 9:15am -- Denise Sortor

Vermont Business Magazine Citizens Bank announced today that it will offer digital investing capabilities for consumers through its affiliate Citizens Investment Services,  as part of its growing Wealth Management platform. The service, expected to be available in early 2017, will be offered through an agreement with SigFig, a leading wealth management technology provider. The digital investment service will integrate with Citizens’ online banking platform, and complement the tailored, advice-based services currently available from Citizens Investment Services financial consultants. The service is the latest in a continued series of digital investments that Citizens is making to ensure customers are able to do their banking and investing when it is convenient for them.

“Citizens is committed to leveraging innovative digital technologies that create better end-to-end experiences in the areas that matter most to our customers,” said Bruce Van Saun, chairman and CEO, Citizens Financial Group, Inc. “We believe our focus on continuing to thoughtfully integrate digital technologies into our overall suite of financial products and services will drive greater value for customers by providing clear information, on-demand access and even greater personalization.”

The digital investing service will provide Citizens’ customers with the ability to quickly and easily identify investment strategies that can be funded with an existing bank or brokerage account. The service represents an important part of Citizens’ strategy to deepen relationships and provide investment and retirement strategies for customers at different life stages.

“By introducing this digitally-driven platform, we are creating an investing experience that meets a wide range of client preferences and goals – from those who are just starting to invest to those who simply prefer to manage some or all of their investing with the assistance of digital,” said John Bahnken, president, Wealth Management, Citizens Bank. “The service will bring together the efficiencies of SigFig’s technology with the capabilities and insights of Citizens wealth management to deliver uniquely tailored investment strategies to each of Citizens’ client segments.”

After completing an initial online assessment to determine goals and risk tolerance, customers may choose to utilize a free investment check-up that provides an assessment of their existing investments and specific investment recommendations on their portfolio. Alternatively they can select a paid service, in which the platform directly manages investments, optimizes assets upon account opening and maintains investments over time, in line with the customer’s personalized objectives.

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