Going female-friendly, $2M for organic growth, and more.
Welcome to our weekly newsletter. Here, key events from the WealthTech universe converge to meet your curiosity. Subscribe and enjoy!
What’s in:?
Let’s start by congratulating IntellectAI on their new award.
intellectAI 's Wealth Qube has won the "Best WealthTech Solution - Overall" category at the Global Private Banker Awards.
The award showcases the company’s innovative approach and customer-centric design. Powered by eMACH.ai architecture, Wealth Qube offers cutting-edge wealth management functionalities with AI-driven tools focused on hyper-personalization, hyper-automation, and modern customer experience. The platform represents a significant advancement in the wealth management domain, enabling private banks and family offices to achieve operational efficiencies and meet diverse investment mandates through advanced AI and data capabilities.
?? Release, please
Stockholm-based Kidbrooke , known for its analytics platform in investment and wealth management, has introduced KidbrookeONE, a significant upgrade from its OutRank financial simulation engine.?
This marks a strategic shift towards a Unified Investment and Wealth Analytics platform, catering to the industry's increasing demands for effective data management and personalized digital wealth management experiences.?
KidbrookeONE promises efficiency and consistency to investment and wealth managers through its comprehensive suite of solutions, addressing data management, financial query responses, and omnichannel business operations. The platform aims to democratize sophisticated wealth analytics and empower financial institutions to deliver reliable financial guidance, fostering a more financially literate society.
?? Funding & Investment Updates
WealthFeed , an AI-powered growth platform for financial advisors, has secured a $2m funding round to drive its growth initiatives.
The investment will allow WealthFeed to enhance its predictive analytics and AI capabilities, launching a direct-to-advisor money-in-motion platform.?
This platform offers real-time prospect identification and client database enrichment, boosting retention and asset aggregation opportunities. With strategic backing from Thicket Ventures and industry executives, WealthFeed aims to empower advisors with scalable solutions to capture asset gathering opportunities and democratize AI and big data in financial advisory.
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?? Wealthtech Cahoots
Metrobank from the Philippines has teamed up with Temenos , a Swiss banking solutions provider, to enhance its private wealth management services.
By implementing Temenos Wealth solution, Metrobank aims to elevate its offerings for high and ultra-high-net-worth clients, integrating AI-powered wealth analytics, digital onboarding, and self-service features like robo-advisory and goal-based planning. The implementation will be facilitated by Temenos' regional delivery partner, Collaboration Betters the World (CBTW)
This move is expected to streamline internal operations through automation of investments, order generation, and compliance checks. The initiative reflects Metrobank's commitment to modernizing its wealth management capabilities to deliver highly personalized services to its customers.
?? Bird’s Eye View
April Rudin shared a simple yet overlooked fact on Forbes: there are different women in WealthTech.
The wealth management industry needs to acknowledge that women are not a monolith and tailor their marketing and services accordingly, notes Rudin. Women's financial needs, risk appetites, and investment goals vary widely, and relying on outdated stereotypes can negatively affect advisors. Advisory professionals should pay attention to the diverse life stages and events that shape women's financial priorities, offering personalized solutions and genuine listening to build lasting relationships and capitalize on the growing share of wealth controlled by women.
See what else April recommends on how not to trap your wealth management firm in opportunity-offputting stereotypes.
The Financial Crimes Enforcement Network (FinCEN) has proposed a rulemaking notice that extends anti-money laundering (AML) and counter-financing of terrorism (CFT) obligations to certain investment advisors in the United States.?
This shift signifies a broader trend towards tighter regulatory scrutiny over financial institutions, as evidenced by recent announcements and examinations by regulatory bodies like the SEC.?
While the current proposal doesn't mandate customer identification programs (CIP) or collecting beneficial ownership information, it suggests potential future rulemaking in collaboration with the SEC. Firms in the financial sector are urged to proactively manage compliance to mitigate risks effectively, and Fenergo has developed a comprehensive checklist to assist in navigating these impending changes.
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Sources: Forbes, FinTech Futures, FinTech Global, Business Standard, Private Banker, and FinTech Global again.