Edinburgh-based Aveni, the AI fintech business, has been selected by Schroders Personal Wealth (SPW) to transform its compliance function.

Through the deployment of the Aveni Detect platform, SPW will use the latest advances in Natural Language Processing (NLP) to monitor client interactions and produce data-led evidence of compliance.

Ray Milne, Chief Risk Officer at Schroders Personal Wealth said, “At SPW our clients are at the heart of everything we do. Our partnership with Aveni shows our commitment to using technology to ensure the quality of our advice. It will enable us to identify vulnerable and other high risk clients, helping us support them in the best possible way.”

SPW has selected this AI and NLP-based technology platform to sit at the heart of its operating model, reflecting its strategic approach to transform how it delivers, monitors and assesses its advice offering and surrounding control environment.

The adoption of the latest advances in generative AI, NLP, and large language models will allow SPW to address all areas of the value chain, providing risk management and oversight which will help drive material efficiencies and lower its cost to serve.

Joseph Twigg, CEO, Aveni explained, “This partnership is great news for both Aveni and SPW and demonstrates a true shift in the way advice is being offered and assessed. Recent advances in generative AI such as Aveni Detect are set to fundamentally transform the investment industry.

“Placing AI technologies at the heart of business operating models is no longer a nice to have; it will determine who wins and who loses over coming years. SPW is demonstrating its commitment to remaining at the forefront of the market.”

The FCA has recently called for companies to invest more in technology to help guarantee that future regulatory requirements are met.

SWP’s investment is following this advice, demonstrating its commitment to meeting a data-first approach so it can approach the forefront of the advisory community with its use of the technology.

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“The Aveni team has been recognised by SPW for its unique combination of deep technical capability – through our globally-recognised NLP experts – and the specialist domain expertise across wealth management and financial investment. This collaborative expertise allows us to fully understand the challenges facing the sector and to create the best solutions to ensure customer assurance, compliance and cost-saving,” Twigg added.

Aveni Detect has been established as a ‘Machine Line of Defence,’ to analyse all customer interactions and mitigates against a range of risks from conduct and complaints to customer vulnerability. It will meet the data-first requirements being introduced with the new Consumer Duty regulation which comes into effect in July 2023.