PIMFA WealthTech, the market
network and technology platform created to bring together the FinTech and
Wealth and Investment Management sectors, and NayaOne, a
leading financial technology company today (20 September 2023) invite
FinTechs to participate in a new Tech Sprint to meet a challenge
focused on industry-wide client analytics
and profiling.
Both PIMFA
WealthTech, launched last year by PIMFA, the trade association for the wealth
management, investment services and the investment and financial advice
industry, and NayaOne, which was recently awarded the highly sought-after
Digital Sandbox tender by the Financial Conduct Authority (FCA), are
focused on bringing financial institutions and the FinTech ecosystem
together to accelerate digital transformation and innovation in the financial
services industry.
In an age of
increased connectivity and social media use, there now exists
a vast amount of structured, unstructured and alternative data about
individuals. The Tech Sprint will examine how financial advisers and wealth and
investment managers can both obtain and use this data to
identify and secure potential clients. It will also focus on
how Large Language Models can be best used to provide client
support during the pre-onboarding process.
The Tech Sprint
will be overseen by a Client Analytics & Profiling Advisory
Group, chaired by Prachi Kodlikeri, Technology Director at the
investment management company Ruffer.
With technological
advancements, Artificial Intelligence (AI) and similar tech-based solutions are
reshaping the wealth and investment management industry by enabling
enhanced data analysis, automated decision-making and improved client
experiences.
AI algorithms can now
process vast amounts of structured and unstructured data, including client
transaction histories, portfolios, market trends, and news. By utilising
machine learning techniques, AI systems can analyse data patterns, identify
trends, and generate valuable insights for decision-making.
But while the
integration of AI and similar technologies in wealth and investment
management is revolutionising client profiling and analytics, challenges
related to privacy and transparency also need to be addressed.
Prachi Kodlikeri,
Chair of the Client Analytics & Profiling Advisory Group, at
PIMFA WealthTech, commented: “Investment managers are
unlikely to be able to serve modern clients effectively without a digitised
operating model. This will support advisory and non-advisory activities and
service ever-changing investment preferences.
“Meeting the needs
of today’s clients requires a business model that is both time efficient and
adaptable to individual clients’ needs. It is with this in mind that we have
launched today’s Tech Sprint to demonstrate how investment
managers can meet these challenges and enable smart decision-making,
personalisation at scale, and more extensive product offerings.
“We are delighted
to be working with PIMFA WealthTech and NayaOne on this important
Tech Sprint and invite FinTechs to participate and show the investment
management industry the breadth of innovation and support they can
offer.”
Commenting on the initiative, Kris
Dickinson, Director at NayaOne said: “NayaOne is delighted to support PIMFA WealthTech with this
Tech Sprint. As a platform at the heart of Financial Services, our role is to accelerate
our clients problem-solving using FinTechs. We’re looking forward to seeing
how the solutions developed in this Tech Sprint can improve opportunities
for wealth and investment managers.”
If you are a
FinTech which fits the criteria and can demonstrate to wealth and investment
managers how your technology can help them source, obtain and engage
more clients please register your interest at NayaOne here. Registrations
are open now and will close on Friday 6 October 2023 at 5pm.
