Vanguard announced on Thursday the location of the new Innovation Center. The two-floor, 16,000 square foot space at 2300 Chestnut Street in Philadelphia will start with 20 crew members working on projects to drive innovation at the firm, but may add as many as 100 over time. The space is expected to open in the second quarter of 2017.
“We are pleased to set up shop in Philadelphia, and give the Vanguard Innovation Center the benefits and resources of the region’s thriving entrepreneurial scene,” Vanguard CEO Bill McNabb said in a statement announcing the location of the center. “Our new location solidifies our commitment to the city, and we’re grateful to the local support we have received as we establish this new venture.”
Some of that local support includes Mayor Jim Kenney’s office. Vanguard noted it has begun collaborating with Drexel University, the University of Pennsylvania and other corporate innovation centers, consultants and experts on the project.
Bank of America is testing completely automated branches as part of an effort to cut costs and improve efficiencies, the Charlotte Observer reported on Tuesday. Dean Athanasia, co-head of consumer banking, announced the new branches at a financial services forum in Florida, the paper reported.
The automated branches will be smaller than traditional branches with limited on-site staff, and will feature video conferencing to let customers speak with off-site bankers if necessary, according to the paper. The bank is testing three locations in Denver and Minneapolis.
Fiserv announced on Monday that it has partnered with Marstone Inc. to offer digital advice solutions to Fiserv clients. Fiserv will offer the Powered by Marstone suite of digital advice tools via its Wealth Management Network. Advisors can integrate the tools into Fiserv’s Unified Wealth Platform.
“Wealth management firms have a tremendous opportunity to grow client engagement by incorporating digital advice solutions that enable advisors to interact with their clients in a way that fits their lives. Most financial advisors today are not using a digital platform, yet many investors say a combination of digital and human advisor interaction is appealing to them,” Cheryl Nash, president of investment services for Fiserv, said in a statement. “In partnership with Marstone, Fiserv is delivering a flexible, scalable solution that can be seamlessly integrated to elevate the digital experience for all users.”
“Our partnership with Fiserv enables unparalleled ease of adoption and deployment for financial firms seeking to white-label our Powered by Marstone solutions, including digital -advice,” Margaret Hartigan, CEO and founder of Marstone, said in a statement. ”As part of our integration, we will leverage the security, stability, and scalability of the Fiserv technology, and be able to reach the vast number of custodians already connected to Fiserv globally.”
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