Wealthtech for asset managers FundSense launches in UK
FundSense launched in London this week to help asset and wealth managers keep up with the pace of digital transformation.
It’s run by two brothers, Jamie and Andy Keen. The two come from tenures at US financial research service Morningstar, and British betting firm Ladbrokes Coral, respectively.
The brothers intend to blend their financial and tech know-how to disrupt the wealth and asset management space.
“We want to empower companies to evolve their processes as they go, rather than face additional costs and development queues for every change,” Jamie Keen says in a statement.
Describing itself as a “digital toolkit”, the fintech’s offering automates various points in the wealth management workflow.
This includes launching a new fund, client onboarding, document analysis, and environmental, social, and corporate governance (ESG) product management.
Part of FundSense’s suite includes an artificial intelligence (AI)-powered chatbot. Just last week, Miami-based digital core banking provider Technisys bought Kona for its AI chatbot, pointing to the technology’s popularisation in banking.
FundSense claims its digital tools can serve any financial institution, no matter its size. The cloud-based platform integrates with firms’ internal and external systems via an application programme interface (API).
According to a statement, FundSense licenses the platform on a per-user basis. In other words, it charges companies based on their customer volume.
The UK’s wealth management space has welcomed a number of new, digitally native entrants in the last year, who are looking to take advantage of opportunity incumbents’ clunky interfaces have laid bare.
Most recently, UK start-up ikigai launched. Its offering includes a debit card, a savings account, and a diversified investment portfolio accessible through one app.
In an effort to disrupt current wealth management pricing models, Ikigai is charging a flat £10-a-month fee to early access users.
Another wealthtech start-up, Fortu, is looking to tap the UK’s high-net-worth individuals (HNWIs). Whilst City Wharf Private Wealth (CWPW), a boutique wealth management fintech, launched in the UK back in October.
International player Wealthsimple, which started off in Canada, has also been operating in the UK for some years now.
As these digital alternative offerings start to flourish, FundSense’s digital ‘out-of-the-box’ toolkit will likely become more attractive to incumbents.