The equity-backed fintech has snapped up AI expertise in Switzerland to accelerate AI's increasing role in acquiring and keeping clients.
Announcing strong growth in Asia and Europe last year, and as the
currency of AI is rising sharply across the sector, Finantix has entered a
binding agreement to acquire Zurich-based AI specialist InCube Group AG.
The agreement will bring on an interdisciplinary team of AI and
quants developers to deepen customer insights and
personalisation, predominantly in the wealth management
The global fintech provider marked InCube’s AI, robotics, and cognitive technologies as strengthening its wealth platform and bringing on important tech talent in the deal, many of whom are science and technology alumni from ETH Zürich or HSG St Gallen.
“This acquisition is a great fit as we share many values and have a common vision. First and foremost, a relentless focus on the need of our customers to leverage the growing amount of data available and the drive to transform this into actionable business insights,” Finantix chief commercial officer, Christine Ciriani, said in a statement yesterday. Ciriani came on board to drive growth and boost R&D efforts from New York-based private equity firm Motive Partners after it took a majority stake in the fintech last year.
Besides European and Asian market growth, late last year, the London-based fintech also announced a new office in Sydney, Australia, as part of its Asia-Pacific regional expansion. It has struck notable deals of late with HSBC Private Bank and Deutsche Bank to provide wealth management and customer acquisition solutions.
Its growing profile echoes reports by Gartner and other research houses espousing the proliferation of AI-powered and machine learning tools as personalising the customer experience becomes a top priority for wealth managers. The key is distinguishing what is true game-changing AI insight and the more basic ML applications. The industry is awash with florid pronoucements of harnessing the power of data, that much is certain. AI software is becoming a mainstream industry. According to data gathered by LearnBonds, a financial advisory firm, this trend is set to continue over the coming years, with global artificial intelligence software market value jumping from $22.6 billion in 2020 to a remarkable $126 billion by 2025.
Insights from the UK fintech on acquiring and retaining clients are more roundly covered in research conducted with this newservice called New Client Acquisition: How Can Technology Drive Sales Effectiveness in Wealth Management?