To support the financial advice market by enabling advisers to support greater numbers of consumers, AI fintech firm Aveni has released a new GPT-powered AI assistant ‘Aveni Assist’.
Aveni Assist aims to dramatically enhance productivity for wealth and financial advisers by up to three times; the AI fintech business revealed. It explained the AI assistant could cut administrative tasks from hours to minutes – demonstrating the potential for AI to impact the sector while also keeping humans at the core of financial advisories.
Currently, the financial advice market faces increased challenges to meet consumer needs with a substantial ‘advice gap’ looming in the UK. Consumer debt is increasing, 34 per cent of people have no savings, and over a third have no or very little pension provision for later life.
As the need for access to financial advice rises, so too has the workload of those offering advice. Aveni explained that the widespread introduction of generative AI could not only support the ability to deliver the right advice but also help meet the growing needs of UK consumers.
Aveni Assist was developed by Aveni’s globally recognised Natural Language Processing (NLP) experts, using the latest generative AI, such as GPT, to deliver unprecedented support for advisers and their clients. It can undertake a wide range of tasks including attending meetings, writing investment reports, auto-populating CRM systems, creating tailored customer emails and significantly speeding up time to execution with instant compliance checks.
The assistant also seamlessly integrates with MS Teams and Zoom, and is trained with financial services and FCA-specific regulatory data with outputs derived from Aveni’s AI systems so they are completely traceable and compliant, ensuring reliability and accuracy.
‘The UK financial advice market is the perfect place to start’
Joseph Twigg, CEO of Aveni, discussed the role AI can take up in this space in the future: “We started Aveni with the vision to deliver technology solutions that could really transform the financial services sector. The advice side of this sector has been slow to adopt technology over the years, resulting in highly manual processes and a high cost to serve. The introduction of safe and transparent large language models has the genuine capability to transform this. Aveni Assist is the start of this transformation.
“The UK financial advice market is the perfect place to start. The combination of persistent productivity challenges and the fact that the UK market is so underserved (20 million people in the advice gap) makes solutions like Aveni Assist a win-win. Recent approaches to tackle the advice gap with technology have largely failed with the prime example being robo-advice.
“Consumers want to speak to people when making important financial decisions which is why Aveni Assist has been designed to almost completely eliminate administration, allowing for more direct client conversations. But the approach needs to be transparent, that information is reliable, and bias is removed to ensure the trust of those deploying it and the consumers engaging with it.”