New competition is entering the AI robo advice game.
Nuvo describes itself as an “artificially intelligent digital broker powered by chatbot technology”, offering financial advice through a combination of Artificial Intelligence (AI) and an in-house team of experts.
The FCA-regulated platform uses AI technology to learn about its customers and show them financial products suited to their needs and spending behaviour, positioning itself as something between a financial advisor and a comparison site.
Nuvo charges no fee for usage, and instead makes a profit by charging banks and insurers a commission fee.
According to CEO and co-founder Richard Hayes, Nuvo can field thousands of concurrent conversations and recall user data to avoid repetition when fulfilling new quotes. It also runs regular analysis to ensure customers are always receiving the best deal for their circumstances, providing notifications when users come out of an introductory period or a new price is on offer.
For more complicated products like mortgages, Nuvo has a team of financial experts on board to provide personalised expertise to customers.
The news comes as Goldman Sachs and Morgan Stanely alum Ramya Joseph launched AI-powered ETFs platform Pefin last week, charging $14 a month with no minimum investment.
Speaking to the FT Adviser, Hayes said: “"It's the advice and understanding that places the customer at the centre of recommendations that is currently missing. Cheapest is not always best for the customer.
“This is where Nuvo comes in, to provide free, impartial advice that ensures customers get the right option for them. Nuvo recommends the right product at the right price."
This article first appeared on http://www.digitalwealth.news/