PIMFA
20 September 2023
PIMFA WealthTech partners with NayaOne to launch
Client Analytics & Profiling Tech Sprint
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.
Notes for Editors
About PIMFA WealthTech
PIMFA WealthTech is part of the Personal Investment Management & Financial Advice Association (PIMFA), the trade association for the wealth management, investment services and the investment and financial advice industry, spanning 13,000 regulated firms that collectively manage the interests of almost £1.7trillion.
It believes that collaboration is essential to solving industry challenges and brings together senior industry decision-makers to address the most important and complex questions concerning technology focus, partnering and adoption as it applies across the value chain.
Our market network and technology platform has been created to bring the most innovative and relevant WealthTechs to our sector. Our teams work alongside leading financial institutions to identify, prototype and deliver enhancing technologies and breakthrough solutions that generate competitive advantage and business impact.
About PIMFA
About PIMFA – the Personal Investment Management & Financial Advice Association
- PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
- The sector currently looks after £1.7trillion in private savings and investments and employs over 63,000 people.
- PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies. Associate members provide professional services to the PIMFA community.
- PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
- PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision and the FSCS levy – read more.
- PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
- Further information can be found at pimfa.co.uk
