Wealthfront

The fintech Wealthfront's latest wrinkle gives clients a high level of control over their money, including the ability to set automatic transfers to savings accounts or exchange-traded funds.

Andy Rachleff, the fintech's CEO, discusses the digital bank it's developing and the concept of "self-driving money."

Bankers are disputing upstarts' claims customers don't like them, noting progress that traditional institutions have made in recent years.

Wealthfront could roll out a debit card, automated bill pay and direct deposit in early 2020, Chief Executive Andy Rachleff said.

Wealthfront will add third-party mortgages to its investing platform, while Varo Money says robo advice and mortgages are in its long-term plans.

Several wealth management firms, including Marcus by Goldman Sachs and Wealthfront, have launched banking products to complement their investment services.

Cushion uses AI to help consumers negotiate refunds of overdraft and other fees. But it argues there's a bank play in its technology if bankers take the long view.

Aspiration, Wealthfront and SoFi have all begun offering high-yield savings accounts during the past few weeks.

Big banks and wealth managers are unwilling to sacrifice fee income and make other changes to catch up with their customers' digital demands, fintech leaders said.

Banks and startups compete for the same clients, as customers want one source for online checking and investment accounts.