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5 FinTechs leveraging AI to empower investors in the UK

By Gloria Methri

September 07, 2023

  • Cleo
  • Digital Financial Planning
  • EV
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Investment Management, Wealth Management, AI, FinTechs, UKWith continued technological advancements in the financial sector, several financial technology companies or FinTechs have started utilising artificial intelligence (AI) and machine learning (ML) algorithms to offer more personalised services to consumers.

One such application is seen in the wealth management sector, where FinTechs are offering digital financial planning solutions to help users make better investment choices. These AI-powered platforms are often referred to as robo-advisors or digital wealth management platforms.

Let’s look at five FinTechs leveraging AI to help Britons make wiser investments.

Cleo is a provider of cloud and AI-based chatbots for personal finance, that helps users in expense management. It provides an app-based platform that is available on iOS & Android devices. The app knows when a user’s bills need to be paid and how to optimize spending each day. It provides real insights into user’s spending. It analyzes spending habits to make smart recommendations on how they can save money and also provides salary advances to users.

EV is a digital financial planning solutions provider that connects and empowers its intermediary financial partners with intuitive, customer-centric advice, guidance software, and investment solutions. Powered by our proprietary stochastic asset model, its calculations and strategic multi-asset allocations are used globally across the financial ecosystem by financial advisers, pension and platform providers, asset managers, banks, and building societies.

Based in London, Exo Investing offers wealth management and personalised investment experiences for everyone. Its artificial intelligence-powered investment technology enables every customer to create a unique portfolio built around their individual goals, risk profiles, and preferences. The company was acquired by Abrdn on August 10, 2021.

Invstr is designed to give beginning investors a way to get into stocks. This AI investment app can assist in managing a virtual portfolio, with access to investors’ thoughts on stocks and other investments. This app can use the social network and news feeds to source ideas. It has also started offering commission-free trading in cryptocurrencies.

Wealthify is a new way for Britons to invest and grow their money easily. The Cardiff-based FinTech builds an investment plan or ISA for individuals and manages it every day. Users can start with as little as £1 and access it any time they need to. Its digital savings and investments app enables users to become investors in minutes, no matter their level of knowledge or experience. It uses technology to keep costs down, which is passed on to customers through lower fees.

Also read: Wealth Management & Private Banking Systems Report Q1 2024

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