Fintech providers Sidekick and PlannerPal have been selected as the winners of the artificial intelligence (AI) tech sprint launched by the PIMFA WealthTech Advisory Council.

The tech sprint explored how wealth management and financial advice companies can leverage AI to enhance operational efficiency.

It challenged fintech firms to look at how end-to-end processing can be optimised across front, middle, and back-office functions through the use of AI.

Following a competitive process, Sidekick and PlannerPal were selected as winners at the Morningstar Investment Conference.

Sidekick is a next generation digital wealth manager that offers products designed to help clients optimise their wealth-building opportunities and tax efficiency through their smart cash management in one platform.

PlannerPal is an AI solution that aims to help financial planners and advisers save time, deepen client relationships, and grow their practice through its note taker that captures and summarises key insights from meetings, ensuring that Consumer Duty needs are met and that vulnerable clients are identified.

The AI tool also generates documentation that is tailored to the firm’s needs and integrates with their CRM.

“PIMFA WealthTech exists to address digital business transformation through the development and adoption of market-leading technologies,” stated PIMFA chief commercial officer and PIMFA WealthTech director, Richard Adler.

“Our objective is to drive innovation and enhance collaboration between fintechs and wealth management and advice firms - and this tech sprint is a prime example of this in action.

“AI is set to be one of the most important and seismic changes to impact our industry and society more widely. It’s potential to automate tasks, process vast amounts of data, drive innovation and address complex challenges, ultimately improving efficiency and productivity, cannot be under played.

“Many firms are still reviewing their approaches to AI and investigating how it can be integrated into their operations.

“Tech sprints such as this are an invaluable way of highlighting the fantastic array of solutions now available to support our vital industry and their clients.

“I’d like to thank all the firms that participated in this important tech sprint, and offer congratulations to Sidekick and PlannerPal for winning the challenge and demonstrating their solutions so skilfully.”

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