1. Big banks battle startups with new apps and services

    Big banks battle startups with new apps and services

    About half of wealth management customers don’t have all that much trust in financial advisors, according to research presented at cloud service enabler Salesforce.com’s Dreamforce 2015 conference. 

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  1. Quotes

    1. Firstly, they are not regulated. Secondly, [startups] do not have legacy systems that can make it difficult to do new things fast. They are also not constrained by legacy thinking that can sometimes hamper big, hierarchical established firms. Thirdly, startups have often been quicker to embrace new technologies.
    2. Startups like Betterment or Wealthfront have been quicker than most established firms [to adopt technologies like] open source software, the public cloud, developer SaaS, and HTML 5.
    3. Leading firms like TD AmeriTrade analyze Web pages and mobile apps continuously, making ongoing improvements based on traffic and behaviors.
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