SigFig Rolls Out Digital Advice Platform for Retail Banks
Digital wealth management platform maker SigFig has launched a new platform to help retail banks offer robo-advice integrated with other financial products, according to news reports.
SigFig Atlas, as the new platform is called, will employ algorithms to assess a client’s financial situation and dole out financial advice and recommendations on appropriate bank products, from savings accounts to mortgages, InvestmentNews writes. Customers will be able to access Atlas either at the branch or online, according to the publication.
The new platform aims to make it more comfortable for prospective clients to share necessary data by taking out “that personal and difficult element of gathering some of the basic facts and information,” which in turn would result in more accurate recommendations, says SigFig CEO and co-founder Mike Sha, according to InvestmentNews. In addition, it helps all of the bank’s employees working across several branches provide consistent advice, improving customer satisfaction, according to Sha, the publication writes.
The new platform, meanwhile, offers retail banks the ability to offer more products to the same customers — something Sha doesn’t call cross-selling but rather a "more integrated experience for customers,” InvestmentNews writes.
"Today, if you use three or four products, you regularly get treated as three or four different customers," he said, according to the publication. "There is a lot of opportunity to create a one-customer mindset."