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After a year of fine-tuning, which included user trials at 27 branches in Brooklyn, JPM is releasing on Wednesday a digital investing service called You Invest Portfolios. For an annual fee of 0.35% of assets, or 35 basis points, JPM will put users into an investment portfolio made up of the bank's ETFs

"The nature of fixed versus variable costs in robo-advising is likely to democratize access to financial services. Big data is likely to reduce the impact of negative prejudice in the credit market but it could reduce the effectiveness of existing policies aimed at protecting minorities.

Because of their relatively low fees and low minimum account balances, robo-advisors can provide financial advice to people who cannot afford it from traditional financial advisors and for whom many financial advisors would not be willing to provide their services.

Vanguard has soft-launched Vanguard Digital Advisor. The service is aimed at investors with more than $3,000 in investable assets and 401(k) plan participants.

ABN Amro is to put its Kendu investment app out to pasture after failing to gain sufficient traction with customers. Kendu, an app allowing users to make investments from as little as EUR50, was introduced in April 2019. Kendu never caught on enough to continue operating viably.