NAB board member to float AI start-up on ASX
‘Collaboration’ key to seeing full potential of AI
New calls have been issued for the finance industry to change its mindset and embrace “greater collaboration” to leverage the full potential of artificial intelligence and machine learning technology. Education provider Kaplan Professional and regtech company Red Marker issued the call after noting that the financial advice industry had been looking for automated compliance solutions given that new reforms require financial advisers to be covered by a compliance scheme by 1 January 2020. However, before an artificial intelligence (AI) or machine learning solution is put in place, the automated solutions are not a panacea for all compliance needs, Kaplan Professional and Red Marker suggested. According to the two bodies, financial […]
Microsoft joins regtech group to promote AI as a royal commission response
Microsoft will push its artificial intelligence technology deeper inside banks and use its membership of the RegTech Association to show regulators how AI could improve bank compliance to respond to problems exposed by the banking royal commission. Microsoft has just joined the RegTech Association, an industry group driving collaboration between banks, government and start-ups, as the technology giant increases the focus on regulatory compliance applications available on its Azure cloud services. Duncan Taylor, director of financial services at Microsoft, said its artificial intelligence technology could allow banks to identify transactions or advice in breach of ever more complex and onerous laws and regulation. It wants to become a bridge between […]
Nod closes $2m funding round to support platform growth
The multi-award-winning artificial intelligence platform, known simply as Nod, has confirmed it has successfully closed its over-subscribed pre-Series A round of AUD$2m. Nod was recently awarded a coveted spot on the KPMG H2 Ventures Fintech100 and has developed a patent pending algorithm that utilises artificial intelligence to create real-time Statements of Advice for Financial Advisers and Accountants. Whilst this is the space where they have chosen to first apply their technology, Co-Founder and CEO, Joel Robbie, says the platform has been developed to be industry agnostic: “We are really excited about the impact we are having on document completion times in the Financial Advice industry! The platform is having genuine […]
Competition in SMSF market tipped to turn as robots enter
A panel of financial experts have staked their bets on robo-advice as the future of SMSF investment. The panel, which was hosted by the SMSF Association and included representatives from the Australian Taxation Office, ASIC, Investment Trends, SuperConcepts and OpenInvest, emphasised the need for SMSF members to keep up with technological advancements in order to continue investing wisely and maximising their assets. In the aftermath of the royal commission’s findings, trust in advisers in Australia is at an all-time low. As a result of such sentiment and the current advancements in technology and AI (artificial intelligence), the expert panel suggested the way forward for SMSF investors will likely be engagement with […]
AI platform claims it can advise at 1/20th of cost
A US-based digital platform wanting to set up a presence in Australia says it is able to provide financial advice through artificial intelligence for 5 per cent of the cost of a human adviser. New York-based fintech firm Pefin said its platform uses AI technology to provide holistic, affordable and fiduciary financial planning and advice, encompassing every financial decision a consumer would need to take, all for 5 per cent of the cost of a human adviser. It said it is currently setting up an Australian subsidiary to customise the product for the Australian market. “Pefin will license its AI technology and create a uniquely customised Australian platform that provides […]
Raiz Invest brings financial insights to life with Facebook chatbot
Raiz Invest, the mobile-first micro-investing platform, has today launched a chatbot to improve the user experience. Customers can ask Ashlee chatbot specific questions about their account or the financial markets and get general customer support. Much like a personal fitness coach, the aim is to help Australians have a healthier relationship with their finances. With an active (paying) customer base of more than 172,000, skewing towards the under-35 demographic, Ashlee provides intuitive and real-time responses. Integrated on Facebook Messenger, it takes advantage of the personal and instant nature of the app in aligning with millennials. Personalised on-demand investment updates Ashlee further personalises the Raiz experience. She will answer personal […]
Milliman and Ignition Wealth announce synergistic collaboration
Milliman Australia Practice Leader Wade Matterson and Ignition Wealth CEO Manish Prasad today announced a global collaboration between their two firms to combine Ignition Wealth’s integrated bank grade white label digital engagement and advice solutions with Milliman’s analytics, data and consulting prowess. Wade Matterson, Practice Leader, Milliman Australia and Manish Prasad, CEO, Ignition Wealth said, “We are delighted to announce a symbiotic new collaboration between Milliman and Ignition Wealth. Our businesses share a commitment to enrich the advice experience and enable better financial outcomes for every consumer.” The relationship has grown naturally from multiple synergies including an emphatic consumer-centric focus, growing global footprints and equally matched best in class status […]
