PIMFA WealthTech and Morningstar have launched an artificial intelligence (AI) tech sprint, inviting fintech companies to showcase wealth solutions.

Participants in the sprint will need to demonstrate how their tech solution leverages AI to create measurable business impact and improve problem solving.

Selected fintechs will present their solutions on 22 April to a judging panel of industry representatives from the PIMFA WealthTech Advisory Group.

The winner will then present their technology at the Morningstar Investment Conference UK on 7 May.

The AI tech sprint will explore: ‘AI in wealth and advice - from experimentation to ROI: how can firms turn their application of AI into measurable business impact?’, and will focus on two primary areas.

The first area is the successful embedding of AI implementations, with fintechs asked to present solutions that deliver measurable enhancements in productivity in wealth management and the broader financial services sector.

This includes demonstrating client-centric AI, portfolio performance and risk management, adviser empowerment, and operational efficiency.

Secondly, fintechs were expected to explore pushing the boundaries with AI, including next generation innovations, advice quality, and competence testing and T&C enhancement.

PIMFA WealthTech Advisory Group chair and LGT Wealth chief technology officer, Prachi Kodlikeri, commented: “PIMFA WealthTech was founded with a clear purpose: to champion pioneering technological thinking and to unlock new opportunities that can genuinely advance the wealth management and advice sector.

“This sprint invites fintechs to imagine what’s possible - to explore powerful AI use cases and develop visionary solutions that could meaningfully elevate the way our industry serves clients.

“I am excited to see the creativity and ingenuity this challenge will inspire, and I look forward to sharing the insights and breakthroughs that emerge with the wider community.”

Morningstar director of market expansion, Anastasia Georgiou, added: “Innovation flourishes when bold ideas meet real-world application.

“The AI Tech Sprint will showcase AI solutions that are not only imaginative, but can deliver measurable impact across client experience, adviser support, risk management and operational efficiency.”

Entries for the tech sprint will close on 16 March.

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