Chatham, N.J.-based DriveWealth announced on Tuesday an agreement to integrate its trading technology into EasyVest, an app-based roboadvisor from Berkeley, Calif.-based Access Softek, an online and mobile banking software provider.
EasyVest will be distributed via banks and credit unions, with DriveWealth providing trade execution, clearing, settlement and custody services for transactions, according to a DriveWealth press release.
“We believe credit unions and community banks represent a great growth opportunity for us, as they are increasingly embracing new technologies that will offer their loyal, engaged members and customers value-added services,” said DriveWealth CEO Robert Cortright in released comments. “Access Softek has been a true leader and innovator in introducing robust, intuitive apps for hundreds of financial institutions who are looking to provide their customers with the best banking and investment experience available.”
Cortright may be understating the opportunity. According to information from the National Credit Union Administration cited by DriveWealth, there were more than 5,200 credit unions in the U.S. with at least 120 million members and deposits totaling more than $1.5 trillion as of the fourth quarter of 2019.
Access Softek is credited with developing the first downloadable apps for mobile banking technology. According to DriveWealth, EasyVest will be the first robo-advisor to integrate with any bank or credit union online and mobile banking platform.