Stockspot launches AI for financial advice
Local automated investment adviser and fund manager Stockspot has announced a move into artificial intelligence and machine learning, launching what it says is Australia’s first digital financial assistant. Stockspot founder and CEO Chris Brycki said the AI functionality analysed the data of thousands of clients and made targeted recommendations, helping investors optimise their portfolio as it learns. He said the robo-adviser was launching as part of a new investment dashboard, designed to make tax reporting easier and give users more control over investments. “Stockspot introduced robo-advice to Australia 2014 which automated and lowered the cost of investing. We see AI and machine learning as robo-advice 2.0, it is the future […]
Robo-advice and mobile alerts are the future of banking
New app aimed at reducing trader errors, while Westpac banks on bots. Banks and financial institutions are ramping up competitiveness and improving their mobile offerings in an effort to maintain and assist customers, traders and employees. A new report by US market research company Forrester says banks will increasingly use banking apps to provide money management tips to consumers, the SMH reported. This sentiment has been realised in Australia. A team of behavioural finance and math experts launched the first ever robotic trading coach, PsyQuation. The robo coach provides a feedback loop alert system that points out costly trading mistakes. How traders interact with the alert and the ways in […]
Brexit provides lessons for Australia’s FinTech start-ups
[ Extract ] Lessons for Australia Australia’s FinTech scene, scarcely acknowledged eighteen months ago, has developing rapidly and now commands the attention of policymakers, banking executives and the financial media here alike. We have a highly advanced financial services sector, one that is acknowledged globally as mature, skilful and well regulated. It contributes around AU$140 billion to GDP each year and employs some 450,000 people. We have the fourth largest pool of investment funds in the world, anchored by the AU$2 trillion-plus in our nation’s superannuation funds. That a viable FinTech ecosystem has developed Down Under should therefore come as no surprise. Australian start-ups span the FinTech spectrum across peer-to-peer […]
Quantifeed Raises US$4.5 Million in Series A Funding
Quantifeed, a leader in digital wealth management solutions in Asia, has reached a significant milestone by closing US$4.5 million in a Series A financing round. Shanghai-based PGA Venture Partners led the investment. The funds will enable Quantifeed to accelerate expansion in key markets in the Asia Pacific region, including China. “The battle in digital wealth management will be won by the institutions with the strongest distribution and the richest customer experience. We are working with some of the top institutions in Asia to build them a customer investment journey,” said Alex Ypsilanti, CEO and Co-founder of Quantifeed. “PGA Venture Partners has an incredible track record of building successful companies and […]
Row emerges over digital advice regulations
A row is developing in the financial planning sector with so-called robo-advisers claiming that regulatory measures proposed by the Financial Planning Association would make the provision of digital advice unworkable. In a submission to the Australian Securities and Investments Commission, which is in the midst of consulting industry on how digital advice should be regulated, the FPA proposed that robo-advisers be required to appoint independent actuaries to monitor the algorithms used in the provision of automated advice. “If ASIC is after visibility of these results, an obligation to provide independent review results should be included in the regulatory guidance,” the FPA said in the submission.Robo-advisers argued that a need for […]
Robo-advice start-ups go beyond disruption to new clients
Robo-advice start-ups are looking to use technology to drive massive expansion in the financial advice market, rather than to simply disrupt it. While established players, such as AMP, and the wealth management arms of banks are among those vulnerable to robo-advice, start-ups claim they are not targeting their market. “People talk about disrupting the financial services industry with robo-advice, but only 20 per cent of the country gets advice,” David Pettit, chief executive of Perth-based robo-advice start-up Future Penny, told The Australian. “There’s a massive piece of the market that aren’t seeking or engaging with advice professionals.” Robo-advice delivers investors a low-cost investment management portfolio based on algorithms and technology. […]
Ignition Wealth superannuation tools drive superfund engagement
Ignition Wealth is Australia’s leading provider of superannuation tools and calculators. Since 2010 our tools and calculators have been used by superannuation funds to drive member engagement and provide excellence in client experience. “With 750,000 members served over the past six years we know that user friendly tools and calculators hold the key to powerful member engagement. Our technology allows superfund clients and prospective clients to do their financial homework while becoming comfortable with the superfund. This leads to a solid growth in the superfund’s business.” Mark Fordree, CEO, Ignition Wealth. The Ignition Wealth wealth management solutions are hosted on the superfund’s own website or mobile app. Recognising […]
Link Digital Solutions announces partnership with Ignition Wealth
Super advice tools integrating with online portals to increase consumer engagement Digital and mobile solutions provider Link Digital Solutions today announced its successful integration with digital advice provider Ignition Wealth. The integrated offering will provide superannuation fund members with seamless access to advice tools directly through Link’s online member portals. “The partnership with Ignition Wealth will allow us to prepopulate superannuation advice tools such as personal projections and simulations, and make them readily available within our clients’ online member portals. Ultimately, this will assist funds as they support their members in the journey from accumulation to retirement. “We seek to integrate with specialist partners in order to […]
