PIMFA WealthTech, a pivotal market network and technology platform bridging the FinTech and Wealth and Investment Management sectors, collaborates with NayaOne, a renowned financial technology firm, to usher in a new age of client analytics and profiling.
The partnership is driven by an ambition to attract FinTech participation in a Tech Sprint. This sprint is centred around an industry-wide challenge concerning client analytics and profiling.
PIMFA WealthTech, an initiative of PIMFA, serves as a trade association for wealth management, investment services, and the investment and financial advice industry. Having been launched just last year, it stands as a testament to the merging of traditional financial services and the burgeoning FinTech industry.
On the other hand, NayaOne, having recently won the prestigious Digital Sandbox tender from the Financial Conduct Authority (FCA), is laser-focused on uniting financial institutions with the expansive FinTech ecosystem. Their shared mission? To fuel digital transformation and innovation in financial services.
In today’s interconnected era, marked by rampant social media use, there’s an overwhelming abundance of varied data concerning individuals.
The proposed Tech Sprint will delve deep into how financial advisers and investment managers can harness this data goldmine to pinpoint and attract potential clients. Furthermore, the initiative seeks to unearth how Large Language Models can be optimally utilised for client assistance during the preliminary onboarding phase.
The rapid progression in technology, especially AI, is reshaping the landscape of wealth and investment management. These advancements enable refined data analysis, autonomous decision-making, and heightened client experiences.
With the capability to process extensive data, including transaction details and market trends, AI leverages machine learning to discern patterns and offer invaluable insights. Yet, the integration of such groundbreaking tech also brings forth concerns over privacy and transparency.
PIMFA WealthTech’s Chair of the Client Analytics & Profiling Advisory Group, Prachi Kodlikeri, remarked: “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.”
NayaOne’s Director, Kris Dickinson, expressed: “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.”
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