Schroders Personal Wealth adopts fintech Aveni
Schroders Personal Wealth (SPW) has partnered with Aveni, a Scottish AI fintech firm, to overhaul its compliance function.
Through the use of Aveni's Detect platform, SPW will utilise Natural Language Processing (NLP) to monitor client interactions and create data-driven evidence of compliance. By adopting cutting-edge technology such as generative AI and large language models.
SPW aims to provide unparalleled risk management and oversight, which will drive material efficiencies and lower its cost to serve.
This move reflects SPW's strategic approach to transforming how it delivers, monitors, and assesses its advice offering and control environment. The latest generative AI and NLP technology will allow SPW to address all areas of the value chain, enabling it to identify vulnerable and high-risk clients and support them in the best way possible.
Ray Milne, Chief Risk Officer at Schroders Personal Wealth, said,
"Our partnership with Aveni shows our commitment to using technology to ensure the quality of our advice. It will enable us to identify vulnerable and other high-risk clients, helping us support them in the best possible way."
The Financial Conduct Authority (FCA) has recently called for companies to invest more in technology to guarantee that future regulatory requirements are met. This investment from SPW demonstrates its commitment to meeting a data-first approach and positions it at the forefront of the advisory community with its use of cutting-edge technology.
Joseph Twigg, CEO of Aveni, said,
"Placing AI technologies at the heart of business operating models is no longer a nice-to-have; it will determine who wins and who loses over the coming years. SPW is demonstrating its commitment to remaining at the forefront of the market."
Aveni Detect has been established as a "Machine Line of Defence," analysing all customer interactions and mitigating a range of risks from conduct and complaints to customer vulnerability. The platform will meet the data-first requirements introduced by the new Consumer Duty regulation, which comes into effect in July 2023.
This partnership between SPW and Aveni is a significant step forward in transforming the investment industry. By leveraging the latest AI and NLP technology, SPW aims to drive material efficiencies, lower its cost to serve, and deliver exceptional advice to its clients. As the industry continues to evolve, investment firms that leverage cutting-edge technology will have a distinct advantage over those that do not.