Harvest Savings and Wealth Looks to Solve Robo Assets Problem for Banks
Banks have been struggling with offering customers robo tools because of how much the retail banking unit makes on the assets; “Banks don’t want to move the assets from retail to robo unless they are 100% sure they are a flight risk,” Drew Sievers, CEO of Harvest Savings and Wealth Technologies, said to American Banker. “Otherwise you’re repricing those deposits down. It’s a real problem.”; Harvest believes they have created products to solve this issue and have already signed up a number of banks with the goal of being at or above 20 bank clients by the end of the year; their Goalkeeper and Signals products help the bank to offer similar tools that digital startups offer and provide insight across the different accounts of a customer so they know when to offer these tools; Customers think of money in terms of savings and wealth,” Sievers went on to say. “It’s not enough for the bank to just keep their balances. They have got to understand how they interrelate.” Source.