Dutch banking group ABN Amro has decided to shelve its Kendu investment app after failing to garner the interest of its customers.
The investment app, which enables users to invest as little as €50 ($54.76), will be discontinued from 30 June 2020. Kendu was launched in April last year.
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By GlobalDataThe bank noted: “As Kendu has not caught on enough to continue operating viably, ABN AMRO has decided to shelve the app.
“Kendu will continue to manage its clients’ investments until 15 June.”
After 15 June, it will sell the investments and compensate clients for losses.
However, clients will not be ineligible for compensation if they themselves sell their investments via Kendu prior to 15 June.
Meanwhile, the bank’s Guided Investing, Self-Directed Investing or Portfolio Management services will remain.
Clients can invest through these services after Kendu is shut down.
ABN Amro’s tryst with the digital world has not yielded good results previously as well.
Last year, the bank shelved its online wealth manager in Germany Prospery after failing to gain traction with clients.
However, the robo-advisory market is now crowded with the presence of other major banking players.
These include OCBC that offers the robo-investment service OCBC RoboInvest.
DBS offers the hybrid human-robo investment offering digiportfolio for retail investors.
Meanwhile, in March this year, Singapore-based robo-adviser Smartly, owned by VinaCapital, closed doors.
