Wealth tech startups have attracted customers with low fees and convenient, mobile-optimized platforms – an area where incumbents have historically fallen short.
Millennial-friendly brokerages are rapidly acquiring large customer bases and stealing market share from incumbents. For example, Robinhood — which added an estimated 5M accounts in the first 9 months of 2020 alone – boasts more customer accounts (~15M) than its rivals Charles Schwab (14.3M) and TD Ameritrade (13.7M).
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The post How Wealth Tech Companies Are Helping Financial Services Incumbents Stay Competitive appeared first on CB Insights Research.
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Author Of this post: Anisha Kothapa