Automated FinTech marketing solution Finworx works with InvestCloud’s Innovation Center Los Angeles to develop AI-driven app
InvestCloud Inc., a global FinTech firm, has announced Finworx as the latest FinTech firm to use the InvestCloud Innovation Center Los Angeles. Finworx is developing its AI-driven communications platform as an app for the registered investment adviser (RIA) market at the InvestCloud Innovation Center.
Finworx’s technology uses machine learning and natural language processing to create personalized communications for RIA clients. It does this through Finworx360, a behavioral risk survey that guides communications tailored to four distinct persona segments, based on attitudes to risk and behavioral biases.
The U.S. FinTech firm will be developing the solution at one of InvestCloud’s Innovation Centers, based at the Pacific Design Center in West Hollywood, CA. Finworx will have access to work space, mentors from InvestCloud who will assist in building the app and access to the full InvestCloud technology stack. Once launched, the app will also be available to all of InvestCloud’s 670 clients via the InvestCloud App Store.
Jeremy Floyd, CEO at Finworx, said: “Complete personalization is the future for communicating with customers across all industries. The wealth management sector is certainly no exception – yet many firms struggle to implement effective persona-based communication strategies. The app we develop at the InvestCloud Innovation Center will enable wealth management firms of any size to quickly and easily segment investors by persona, tailor individual communications and help advisors drive their clients to specific objectives. It will achieve a whole new level of client interaction, improving overall service and increasing brand loyalty.”
Finworx previously completed an ideation and design program at the Innovation Center. InvestCloud assisted Finworx in developing a technology strategy to bring its engagement platform to market.
The InvestCloud Innovation Center Los Angeles enables startups and financial institutions alike to learn, ideate, design and deploy financial technology solutions. Alongside the 20-day ideation and design program, businesses using the Innovation Center can undertake 100-day programs to build and deploy their own solutions using InvestCloud’s technology. The innovation Center also provides five-day experience and learning workshops alongside.
John Wise, Co-founder and CEO at InvestCloud, said: “Innovating and ideating a ground-breaking product is half the battle won. Building a market-ready application and creating a marketplace for it is the other. Against a backdrop of IT project and startup failures hitting the 90-percent-plus range, being able to access innovative technology and a ready-made market is critical to success.”
Wise added: “This is what the Innovation Center allows startup and growing businesses as well as established financial institutions to do – create evolutionary applications that will have a real impact on the financial sector. We look forward to undertaking this journey with Finworx and to creating a first-class solution that solves a significant pain point for wealth managers.”
Other businesses using the Innovation Center by InvestCloud include Alaska-based FinTech firm Efficient Tax, which is using the Center to develop its tax-optimizer solution. Venture capital firm Stage Venture Partners has also taken a residency.