Our goal is to help bridge the financial guidance gap in the UK, particularly for the lower wealth segments that are underserved by many insurers, banks and pension funds.
We do this by building technology and AI that financial services companies can deploy to help their customers make better financial decisions.
We use guidance expertise and tools together with the latest natural language AI technology to build expert AI that can provide accurate financial guidance and support for customers.
Our first expert AI Chatbot is currently in pre-launch testing, focused on UK Pensions.
The financial advice and guidance gap in the UK is huge with 15m-25m consumers needing guidance but unable to access it or unable to afford it.
Bringing together automated financial guidance tools with AI enables more consumers to have access to intelligent and reliable guidance at a much lower cost.
From July 2023, the FCA Consumer Duty required financial services companies in the UK to do much more to help their customers understand the financial products they have bought and make better informed decisions.
Expert AI can provide the relevant information and guidance to consumers 24/7 at their moment of need.
Most consumers don’t engage with their pensions, insurance and wealth products unless they must. Many of them experience too much friction dealing with financial services organisations. It can be slow, frustrating and confusing.
Capable AI chatbots are much more engaging and flexible for customers than static content. Being available 24/7 and conversational, they can help minimise friction and improve engagement.
The cost of human contact centres or human live chat means that it is uneconomic for many financial institutions to provide a complete service to the mass-market.
Our AI approach drops the cost to serve for each customer very significantly, enabling companies to serve far more customers at a fraction of the cost. We see huge benefits for financial inclusion.
In 2023, the government Innovate UK agency awarded a grant to Engage Smarter AI to support our development of the guardrails required to deliver safe AI responses for financial guidance.
Guardrails are a critical safety mechanism that operate in real-time to help moderate the content, context, scope and tone of an AI’s response to the customer.
The quality assurance methodology and toolset we have developed is core to the platform upon which we are building our expert AI systems.
