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Former Barclays CPO Megan Caywood Cooper launches AI wealthtech

Former Barclays CPO Megan Caywood Cooper launches AI wealthtech

Megan Caywood Cooper, former Barclays chief product officer and Starling chief platform officer, has announced her new AI wealthtech Caywood, at Money 20/20 today.

Cooper described the startup as wealthtech platform and product that uses AI to provide financial guidance that personalised in real time.

She discussed her experience at Barclays and Starling over the last 10 years and what she sees as the next step in digital banking: “If this first phase of digitisation was about automation, making it easier to access what we do. The next phase will be about augmentation, creating better services for customers.”

Cooper stated this required a “fundamentally different user experience.”

She added: “AI and APIs have matured in a powerful way such that we can now harness this technology to provide customers with real time personalised financial guidance in a way that we were unable to do before.”

On a slide, Cooper stated Caywood would include:

  • Smart financial aggregation,
  • Financial summary and budget outlines,
  • Cashflow forecasting/modelling,
  • AI driven financial planning,
  • Smart budgets,
  • Money on autopilot: automatic portfolio management,
  • Tax optimisation, and
  • Open APIs and development platform.

One feature Cooper highlighted is tax optimisation. She said: “This is very much based on the premise that for many individuals, they don't know exactly what financial instruments can help them to reach their goals. The different allowances and government incentives are part of these products, or around the tax status for them as well.”

Cooper concluded: “One of the key things I'm really focused on is helping customers to make better financial decisions. The reality is that making banking more convenient didn't solve that alone, in fact, it probably raised expectations. So now what we're focusing on is leveraging this new technology across AI and APIs to give people personalised financial advice when they need it.”

Discover new challenges and opportunities artificial intelligence brings to the banking sector at Finextra's first NextGenAI conference on November 26 2024. Register your interest here.

Comments: (1)

Martin Sansone
Martin Sansone - Sansone Projects - London 07 June, 2024, 13:16Be the first to give this comment the thumbs up 0 likes

Now THAT is forward thinking for a banker !!  I congratulate Megan in her entreprenurial venture and will be an early customer.
I also dispare at how difficult it is for banks themselves to embrace innovation internally.