A Scottish fintech company is launching a new service based on ChatGPT’s powerful AI technology to close the ‘advice gap’ in financial services.

Edinburgh-based Aveni’s new Assist platform will use the functionality developed by OpenAI to ‘transform administrative tasks’ allowing financial advisers to focus on supporting a significantly greater number of consumers.

This new product will enhance productivity by up to three times for wealth and financial advisers, ‘cut administrative tasks from hours to minutes’, and demonstrate how AI can genuinely impact the sector, whilst keeping humans at the core of advice provision.

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% of people have no savings, and over a third have no or very little pension provision for later life.

A primary measure to improve financial resilience is with access to financial advice, to help consumers proactively engage with their financial futures. The widespread introduction of generative AI, like Aveni Assist, could help meet those needs.  

Aveni Assist has been developed by Aveni’s Natural Language Processing experts, using the latest generative AI technology, such as GPT, to deliver 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. 

Joseph Twigg, CEO, Aveni said: “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 LLMs has the genuine capability to transform this. Aveni Assist is the start of this transformation. With our combination of extensive financial services expertise and world leading NLP capability we are uniquely positioned and very excited to drive forward the  AI-powered productivity revolution in the UK wealth and advice market.”

Aveni Assist supports advisers on calls and extracts information from conversations to do multiple administrative tasks. It cuts admin time from hours to minutes and allows advisers to see more clients and offer the highest quality human to human service. It 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 traceable and compliant, ensuring reliability and accuracy.