Santander Group’s digital bank OpenBank has launched its new robo-advisor tool to support consumers with micro-investments.
Through the new automated investment service, its customers will be able to create a portfolio and boost savings from a minimum of €500 to get started. Alongside the launch of this new service, OpenBank has launched a new password and data manager which helps to store passwords in a secure manner.
The new robo-advisor will provide investment opportunities of over 2,000 funds, and ETFs from more than 50 fund managers, 35 pension plans and 5 asset management firms.
Its new investment management service offers three separate models: micro-investing, goal-based investing and robo-advisory. The micro-investing service enables consumers to save from €1 per day, week or month, through an automated process.
Goal-based investing allows consumers to outline their financial targets such as buying a car, house, education, trip or just saving for the future. OpenBank’s new service will create a portfolio for each individual goal, with adjusted strategies.
Through the robo-advisor, users access a portfolio which is automatically modified to the market shifts at regular periods.
For all investment methods, there are five levels of risk-profiles available, low, medium-low, medium, medium-high and high. Each option comprises of portfolios made of up to 15 investments, ranging between equities, fixed income, monetary assets, real assets and assets – these are all uncorrelated with financial markets.
The models all calculate minimum and maximum expected return, and the time taken to reach them.
Costs for this service start at 0.55 per cent of the amount invested.
Alongside the launch of this investment service, the company has launched a number of other products.
A new password and data manager are available to consumers, which provides them with a location on their banking app where they can save all of their main passwords and details. These are stored in a secure location which Openbank will not even be able to access to read.
There is also a new account aggregator which will provide customers a simple way to view details on all of their various accounts, loans, mortgages, insurance, deposits and investment products.
Its final solution to launch is a new card control and device management service, which empowers consumers to select what channels or devices their cards can be used on.
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