Vanguard says it plans to improve its digital operations by opening an innovation center in Philadelphia in the second quarter of 2017.
The fund group, which has some $3.8 trillion in global assets, works with over 20 million investors worldwide. It says that about 90% of its interaction with clients take place digitally.
“We are in the midst of a great technological revolution – from self-driving cars and package-delivering drones to smartphones and 3D-printers – that is changing the way we live, work and, in Vanguard’s realm, invest. With a centralized, and centrally located, Innovation Center, Vanguard seeks to harness emerging technologies and new processes to create value for our clients by improving their investing experience and their investment outcomes,” explained CEO Bill McNabb in a statement.
The fund giant points to Vanguard Personal Advisor Services, which it says combines virtual engagement, customized financial planning and complex computer modeling of robo-advisors “with the judgment and behavioral coaching of a human financial advisor.”
It launched the offering in May 2015, and the platform currently manages $47 billion in assets.
Scope of Innovation Center