Webster Bank’s partnership with the national broker-dealer LPL is a reversal of its initial opposition to robo-advisers. It is the latest regional bank to enter a market first claimed by the biggest banks.
KeyBank is the latest to join the robo-adviser trend. Its investment services unit just announced a partnership with Jemstep, which is eager to do more such deals with banks now that it is owned by Invesco.
Advancements aimed at speeding the flow of information by eliminating manual processing are helping the global custody bank attract new clients and win more business from existing ones, fueling revenue growth and improving efficiency.