E*Trade has launched Adaptive Portfolio, following its fellow incumbent brokerages who built their own robo-advisors. One important difference: Adaptive Portfolios combines both active and passive investing strategies, shifting its level of risk depending on market conditions. Adaptive Portfolio includes access to financial consultants, requires a minimum deposit of $10,000 and charges .3% in fees.
Wells Fargo’s Bid to Vanquish Screen Scraping (American Banker)
Wells Fargo has developed an API that eliminates the need for screen scraping, an outdated technology that copies and pastes financial information from one page to another. This is part of a larger push toward APIs, which avoid all of the security problems of screen-scraping, such as the inability to use 2-factor authentication.
UK broker to launch trading on Facebook app (Finextra)
Could social go financial? AJ Bell, a UK stockbroker, has launched a chatbot to allow its customers to access their accounts and place trades through facebook messenger. This is part of a larger trend of integrating third party services into Facebook’s platform, something that has been commonplace for Asian apps for years. See the first facebook trade ever placed here.
With unique local legislation playing a key role, fintech abroad is not just a simple replication of proven Western successes. Many countries have structural macroeconomic differences, little or no existing infrastructure, and unique problems to solve. Here is a survey of emerging fintechs outside of North America and Europe, from BRIC countries to East Africa.