Schroders Personal Wealth (SPW), a joint venture between Schroders and Lloyds Banking Group, has chosen AI fintech firm Aveni to improve its compliance capabilities.

Under the tie-up, SPW will use Aveni’s AI-based platform, Aveni Detect, to supervise interactions with customers and create data-driven compliance evidence.

This will be done leveraging natural language processing (NLP).

Adoption of the AI and NLP-driven technology platform will enable SPW to upgrade its advice portfolio and related control environment. 

It will further allow SPW to offer enhanced risk management and supervision that is expected to result in material efficiencies and cost reduction.

The company will also be able to meet the UK Financial Conduct Authority’s (FCA) recent direction asking firms to make additional investment technology to ensure their compliance with upcoming regulatory requirements.

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Schroders Personal Wealth chief risk officer Ray Milne 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.”

Last year, SPW named Dominic Sheridan as the CEO of its Authorised Corporate Director (ACD) unit.

Aveni CEO Joseph Twigg said: “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.”