Fintech firm Finworx is the latest startup to use the InvestCloud Innovation Center in Los Angeles.
Finworx is developing its AI-driven communications platform as an app for the registered investment adviser (RIA) market at the InvestCloud Innovation Center.
The technology from Finworx uses machine learning and natural language processing to create personalised communications for RIA clients. It does this through Finworx360, a behavioural risk survey that guides communications tailored to four distinct persona segments, based on attitudes to risk and behavioural biases.
Finworx will have access to work space, mentors from InvestCloud who will assist in building the app and access to the full InvestCloud technology stack. Once launched, the app will also be available to all of InvestCloud’s 670 clients via the InvestCloud App Store.
Jeremy Floyd, CEO at Finworx, said: “Complete personalisation is the future for communicating with customers across all industries. The wealth management sector is certainly no exception – yet many firms struggle to implement effective persona-based communication strategies.
“The app we develop at the InvestCloud Innovation Center will enable wealth management firms of any size to quickly and easily segment investors by persona, tailor individual communications and help advisors drive their clients to specific objectives. It will achieve a whole new level of client interaction, improving overall service and increasing brand loyalty.”
John Wise, co-founder and CEO at InvestCloud, said: “This is what the Innovation Center allows startup and growing businesses as well as established financial institutions to do – create evolutionary applications that will have a real impact on the financial sector. We look forward to undertaking this journey with Finworx and to creating a first-class solution that solves a significant pain point for wealth managers.”
Other businesses using the Innovation Center by InvestCloud include Alaska-based FinTech firm Efficient Tax, which is using the Center to develop its tax-optimizer solution. Venture capital firm Stage Venture Partners has also taken a residency.
Fintech firm InvestCloud is headquartered in Los Angeles and supports over $1.7trn of assets across 670 diverse clients – from wealth managers, institutional investors and family offices.