Citizens Bank launches digital investment platform SpeciFi

RHODE ISLAND SCORED A D+ on Thumbtack.com 2017 Small Business Friendliness Survey. / COURTESY THUMBTACK
CITIZENS BANK MAINTAINED its status as the bank with the largest percentage of deposits in the region, according to the latest FDIC data. / BLOOMBERG FILE PHOTO/KELVIN MA

PROVIDENCE – Citizens Bank last week announced it has launched a new digital investment and advisory platform called SpeciFi.

The new platform, a part of Citizens investment services, offers customers – among other things – a unified view of their banking and investment accounts from their online banking homepage.

The new digital investment adviser service is offered through Citizens’ partnership with SigFig Wealth Management LLC.

“We think SpeciFi is a game-changing service that will make investing more accessible to a larger set of customers, while providing an entirely personalized and integrated banking and investing experience,” said John Bahnken, president of Citizens Bank wealth management.

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Citizens Bank, a subsidiary of Citizens Financial Group Inc. based in Providence, bills itself as the first large regional bank to offer fully integrated digital banking and wealth advisory services.

“This represents another example of our promise to provide customers with tailored solutions that help them reach their potential.

The bank detailed the key features of the new platform as follows:

  • Integrated banking and investing: SpeciFi is integrated with Citizens Bank online to enable customers to monitor and manage their bank and investment accounts, and view investments held at other institutions that they choose to link, through a single platform.
  • Personalized service with recurring contributions and regular rebalancing: The intelligent, simple-to-use platform offers functionality that allows customers to set up automated recurring contributions to their SpeciFi investment account from their Citizens Bank deposit accounts. The personalized portfolio is continually monitored and regularly rebalanced to ensure it’s in sync with a customer’s goals and risk tolerance.
  • An all-digital experience: Including a fully digital account opening and transfers from other broker/dealers.
  • Help from experienced financial advisers: Experienced financial advisers are available for one-on-one consultations, and a dedicated support team is available by phone, chat or email.
  • Low initial investment and fees: The minimum initial investment is $5,000 and the low annual asset-management fee is roughly half the typical cost of a traditionally managed account.

Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.

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