Next Best Action leverages the power of AI to provide highly personalised financial advice through an accessible user interface that is as understandable as those from top-tier online sales and media platforms. It is a unique combination of Finantix’ advisory components and InCube’s deep expertise in quantitative finance, AI and data capabilities, and is ongoing evidence of the added value InCube brings to Finantix following its acquisition by Finantix earlier this year.

Wealth managers, relationship managers and advisers in private and retail banks are under continual and growing pressure to reduce operating costs and maximise profitability, while at the same time providing the highest quality service to clients. To meet these requirements, banks are increasingly moving to digitalise their core business processes.

Using machine learning to leverage the power of data from multiple sources, Next Best Action provides wealth managers, relationship managers and advisers with appropriate product and client ideas and recommendations at speed, removing the need for time-consuming manual collection and evaluation of information and lowering the cost of servicing clients.

Benefits of this approach include:
• Wealth managers, relationship managers and advisers can unlock real value from data to deliver personal, relevant, timely and actionable insights to clients.

• Intelligent mining and use of client data can build a holistic picture of client preferences including ESG, investment styles and attitude to investment risk to inform more personally relevant client recommendations.

• The digital end-user experience for both wealth management and client is made as convenient, engaging and personally relevant as shopping on ecommerce websites or selecting a recommended movie from streaming services.

Next Best Action is built around an accessible user interface, making it easy for wealth managers, relationship managers and advisers to rapidly access and analyse relevant information from multiple sources, and then relay that to clients in a digital, digestible and personalised format. It is fully compliant with relevant regulatory requirements.

Dr. Boris Rankov, Co-founder of InCube Group AG said: “Digital transformation within the banking industry is a complex process, most quickly and cost-effectively achieved by using specialist providers with modular, API based solutions that fully integrate with existing systems. Both InCube and Finantix have a proven track record of successfully implementing digital projects and Next Best Action is an example of how InCube’s expertise in AI has found synergy with Finantix’s proven front-end technology.”

Next Best Action delivers information at speed, freeing relationship managers up from the process of manually compiling data from multiple sources. Smaller value clients can now be given the level of proactive, personalised service that might previously have been reserved only for High Net Worth Individuals, including being offered information and advice that fits with their interests and portfolio. This can help banks maximise their return per client, as well as increasing client satisfaction.

Christine Ciriani, Chief Executive Officer of Finantix, said: “I am very proud to see Next Best Action integrated into our advisory product portfolio. Leveraging insights and preferences to personalise recommendations allows banks to increase the conversion rate of proposals and grow client loyalty. Next Best Action opens the door to the democratisation of private banking, delivering private banking service levels to more clients.”