The AI fintech company Aveni has unveiled a new GPT-powered AI assistant called “Aveni Assist” in an effort to enhance the financial advice business by enabling advisers to assist more clients.
According to the AI fintech company Aveni Assist, productivity for wealth and financial counselors might increase significantly by up to three times. It was stated that the AI assistant might reduce administrative duties from hours to minutes, highlighting the potential for AI to have an impact on the industry while simultaneously maintaining the importance of humans as the core of financial advisers.
A significant “advice gap” is already emerging in the UK, making it more difficult for the financial advising industry to meet consumer needs. Consumer debt is rising, 34% of Americans have no savings, and more than a third have little or no retirement savings.
The workload of individuals who provide advice has increased along with the need for access to financial assistance. According to Aveni, the widespread adoption of generative AI could not only boost the capacity to provide the appropriate advise but also assist in satisfying the expanding demands of UK consumers.
Aveni Assist was created by Aveni’s internationally renowned Natural Language Processing (NLP) professionals employing cutting-edge generative AI, such as GPT, to provide advisers and their clients with unmatched support. It can do a wide range of duties, such as participating in meetings, drafting investment reports, auto-filling CRM databases, developing customized client emails, and drastically reducing execution time with rapid compliance checks.
The assistant also effortlessly interacts with MS Teams and Zoom, and it is educated using FCA-specific regulatory data for the financial services industry using outputs from Aveni’s AI systems. This ensures that the assistant’s dependability and correctness are guaranteed.
“The UK market for financial advice is the ideal place to start.”
Aveni’s CEO, Joseph Twigg, spoke about the potential impact AI would have in this field in the future: “We founded Aveni with the goal of bringing technology solutions that might significantly alter the financial services industry. The advisory portion of this industry has been hesitant to adopt technology over the years, leading to a high cost to serve and very manual operations. Large language models that are secure and transparent have the potential to change this. The beginning of this shift is Aveni Assist.
“The best place to start is with the UK financial advising market. Solutions like Aveni Assist are a win-win because of the ongoing productivity issues and the underserved nature of the UK market (20 million individuals need access to counsel). Robo-advice is the best example of how recent attempts to close the advice gap with technology have mainly failed.
When making significant financial decisions, consumers want to communicate with real people. For this reason, Aveni Assist was created to almost remove administration and enable more direct customer interactions. To earn the trust of those using it and the users, the strategy must be transparent, the data must be trustworthy, and prejudice must be eliminated.