Robots challenge banks in Sweden's USD 525 billion savings market

The competition is heating up for banks in Sweden, where new challengers are aiming for a piece of the large private savings pie.

In May last year, Danske Bank's head of its fintech Mobilelife division, SImon Haldrup, introduced app based investment tool June. | Photo: Ida Guldbæk Arentsen/Ritzau Scanpix

(Bloomberg) -- After being challenged in the mortgage market, Sweden’s biggest banks are fending off a new wave of robots -- this time in investment advice and wealth management.

One of their new rivals is Optise AB, which last year began offering independent savings advice, fund data and tailor-made portfolios to retail investors via a mobile app. The company, which refers to itself as Opti, has branched into wealth management, after attracting interest from wealthier Swedes.

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