London’s Metro Bank Adds AI-Driven Advice
London’s #Metro #Bank has developed an #advice engine with Personetics to help users manage their money better by getting to know their earning and spending patterns.
Financial Technology
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Saxo Bank Follows Its Own Advice To Specialize And Moves Ops To Azure
#Saxo offers access to global capital markets through a platform that investors and investment managers can access through an API.
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Alexa Needs Comprehensive Customer Data To Offer Individual Financial Advice
A good digital user experience in finance requires a good interface backed by integrated #customer #data to provide #advice and access to the full range of a firm’s products.
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Millennials Ready To Share Personal Info With Banks For Smart Advice
Millennials are #ready to #share extensive data with #banks, but most banks aren’t prepared to use it.
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WeChat Data Will Fuel Tencent’s AI Efforts for Financial Advice
Tencent is making a significant bet on artificial intelligence in its #financial advisory services. In May, the company confirmed the establishment of the second of two laboratories devoted to AI research. The newer lab is located in Seattle, and the other is in Shenzhen, China. In an announcement last week, President Martin Lau explained that […]
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Fiserv, GoldBean Partner for Personalized Financial Advice
How do you serve the investor that’s never invested before? #Fiserv and #GoldBean have a solution. #Financial solutions provider Fiserv has partnered with digital investing startup GoldBean in order to bring #personalized, digital financial #advice to Fiserv customers, the companies announced today. “For the vast majority of people who have a wealth manager or an […]
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Consumers Want More Financial Advice from Banks
#Consumers see their #banks as #more of a stressful utility, rather than a #financial advisor. According to the Future of Money report released by Cognizant, banks are not proactive with the financial needs of their consumers; 90% of consumers surveyed stated that they primarily deal with their bank for simple transactions only. “Simple transactions” exclude any […]
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World’s First AI Mortgage Advice Chat Bot
UK tech startup, habito, has launched the #world’s #first artificially intelligent Digital #Mortgage Adviser (DMA) allowing millions of consumers to discuss their mortgage needs from any connected device, 24/7, without requiring a human broker.
Built using AI #technology and habito’s market-leading algorithm, the DMA marries all the elements of a customer’s financial life (e.g. employment, salary and personal life plans) with real-time market mortgage rates to calculate an indicative monthly payment. The DMA explains the impact consumers’ decisions will have on each mortgage configuration as a traditional mortgage broker would, but in a fraction of the time (average 10 minutes). Habito has the ability to search hundreds of products (versus a handful), so once the #advice is complete consumers can be sure they’re on the best mortgage for them, which can result in savings of thousands of pounds per year*.
In designing the new system, habito analysed hundreds of advice interviews in order to understand what consumers needed and what formed the basis of informative advice. As a result, the DMA’s #chat-like interface provides an unbiased, conversational experience, without the need for lengthy in-person queues, waiting on hold or paying a premium for advice.
Daniel Hegarty, CEO and Founder, habito
“Finding the right mortgage product in the UK is like finding a needle in a haystack. Britons are crying out for some innovation and clarity in an outdated and overwhelming mortgage market,” said Daniel Hegarty, CEO and Founder, habito. “Our digital mortgage adviser is a huge step forward in making mortgage advice accessible for consumers in the way they need it most: unbiased, always available and most importantly free.”
Habito’s digital mortgage adviser is a direct response to the FCA’s Financial Advice Market Review Report calling for greater, more accessible financial services advice for British consumers. Habito plans to roll out additional interactive features later this year, such as remortgage alerts, that will continue to optimise the mortgage application process for consumers across the country.
habito Team, from https://www.habito.com/
* According to an analysis of SVR mortgage holders by HSBC, Nov 2015
Feature image: from habito
The post World’s First AI Mortgage Advice Chat Bot appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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DeinAnlageberater.ch Leverages Technology to Offer Investment Advice for Less Than 5 CHF
#DeinAnlageberater.ch came to existence upon the assumption that people take decisions in an emotional fashion, often leading to bad results when it comes to investing.
By leveraging #technology, DeinAnlageberater.ch provides users with personalized #investment advisory services and recommendations for asset allocation at a much lower price #than traditional investment advisers.
Image via https://www.dein-anlageberater.ch/
How it works
First, DeinAnlageberater.ch asks you a number of questions to understand your current financial situation and learn more about your preferences regarding certain topics (asset classes, risk, etc.).
Image via https://www.dein-anlageberater.ch/
Then, the platform creates a personalized suggestion for investment based on your profile. These recommendations are very detailed and specific, making it easy for you to eventually transact the different components of the suggestion with your bank branch or online broker.
The process is fast and sleek, and the platform itself is well designed and user-friendly, making the overall user experience very good. New users get one free credit for an investment #advice.
DeinAnlageberater.ch doesn’t #offer bank accounts or brokerage services. It doesn&8217;t accept payments or kick-backs from product providers, and solely focuses on applying its algorithms to determine the best investment schemes for users. This way, there is no conflict of interest.
The company explains:
“If a financial advisor is paid by the product provider and not the client, he will naturally not put your interests first but those of the product provider. He then owes more to the bank which employs him than you. If he puts your interests above the interests of his employer, i.e., the bank, he risks his job.
&8220;Your interests and the interests of the bank are in conflict. This is why advice, free of such conflicts, can only be given by an independent institution which isn’t in the business of providing products and doesn’t run any checking or brokerage accounts.”
DeinAnlageberater.ch is typically used as a benchmark and basis for discussion with a financial advisor.
The platform makes money by charging between 2.43 CHF and 4.99 CHF per recommendation (depending on the plan you pick).
DeinAnlageberater.ch has the ability to offer such low prices because it doesn&8217;t &8220;own expensive offices or run costly advertising for prestige’s sake,&8221; and because it essentially uses digital communication channels to serve and advise multiple customers at the same time.
Headquartered in Altendorf, Switzerland, DeinAnlageberater.ch was founded by Simone Rebholz, a former banker with a background in capital markets and the mortgage business; and Dr. Claus Huber, a financial expert specialized in risk management and quantitative modeling of financial markets.
Watch DeinAnlageberater.ch&8217;s video presentation (in German):
The post DeinAnlageberater.ch Leverages Technology to Offer Investment Advice for Less Than 5 CHF appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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