Industry heavyweights from RBS, Barclays, Coutts, HSBC and Moneysupermarket.com join forces for new venture.
A new investment management venture aiming to help retail investors decide which robo adviser or P2P lender to use is eyeing a summer launch, followed by roll-out later in 2018.
Pia, created by Off3r’s Lex Deak, is an online personal investment assistant that aggregates various robo-advisers.
The firm said in a media release: “The new offering will utilise AI heavily to deliver a truly tailored experience for the 24.6m Britons currently being underserved, or without access to advice.”
Pia’s Advisory Board is comprised of many senior staff from large banks and investment managers and even a few fintechs including:
Two senior execs also remain unnamed but AltFi understands they include a senior figure at Barclays Wealth and MoneySupermarket.com
Lex Deak, CEO of Pia said: “We all know that our money should be working harder for us but the sheer volume of choice is overwhelming - this leads to a feeling of dissatisfaction and frustration.”
Pia will also provide “interactive and engaging” content to help with investment content curated by Niamh Wylie, an investment professional with over 16 years experience and is a guest lecturer at Trinity College Dublin.
It will also make full use of AI and machine learning, says Deak, with Pia users able to ask questions to a virtual assistant integrated into the site.
James Mackonochie, COO of Pia said: “ Users can ask Pia questions about investing without fear of being judged and know that they will get an unbiased response. The more a user interacts with Pia the more we can personalise their choices to align to their investing journey."
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.