Evolution of Next Generation Banking Service and Influence of Financial Industry Lobby on Regulations

The chapter explores the transition from an investment service to a comprehensive banking service with features like high-yield cash accounts, passive investing, and automated financial planning accessible through a mobile app. It delves into the impact of robo advisors and contrasts them with traditional money managers, highlighting issues of automation, fee transparency, and fund choices. Additionally, it discusses the influence of the financial industry lobby on regulations like Dodd-Frank and emphasizes the importance of prioritizing clients' interests in financial institutions.