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'KiwiSaver advisory firm National Capital leading the way with AI-based technology'

Contributor:
Fuseworks Media
Fuseworks Media

A recent survey- found that only 14% of New Zealanders have ever consulted a financial advisor for professional advice which is unsurprising when it can be such a costly exercise. In a world where experts charge hundreds by the hour, this often turns people off seeking advice that would ultimately save them money in the long run.

That’s why National Capital was created. Founder and Director, Clive Fernandes saw an opportunity to fill an important gap in the market and solve a problem that had been plaguing Kiwis for years. He was motivated to do so after learning only one in three New Zealanders felt financially secure and this, well before the Covid pandemic hit.

Before National Capital, there was nowhere for Kiwis to access quality, personalised financial advice on their KiwiSaver funds. However, changes in technology and legislation has flipped the industry on its head.

Although technology in the financial sector is not uncommon, National Capital was the first financial advisory firm in New Zealand to be awarded a digital advice exemption (robo advice license) by the Financial Markets Authority.

This allowed Clive and his team to create a hybrid system where computers assist the authorised financial advisers to create and implement recommendations for the best result.

"By merging the best of human Authorised Financial Advisers, but maximising the benefits and automation in key areas by using smart technology and AI, we are able to offer more Kiwis personalised advice at no cost to them," said Clive.

"At National Capital we believe technology is the key to democratise financial advice, however we understand there is no substitute for human perspective, especially when making key financial decisions.

"Being able to have the unbiased power of technology combined with the human-to-human interaction means we are able to provide our clients with the utmost service."

While National Capital has not yet been able to depend on ‘real AI’, Clive and his team are working towards it, starting with Natural Language Processing, Cognitive Automation and Robotic Process Automation first.

Natural Language Processing will allow computers to understand KiwiSaver members’ queries which they have entered in plain English and convert them into data which can be used by National Capital algorithms and advisers.

Cognitive Automation then allows the data to be passed on to a system which learns from decisions that financial advisers have made, and gets better in making those decisions itself.

Robotic Process Automation allows computers to fill application forms helping simplify the implementation of recommendations (and KiwiSaver providers) for members.

"Our sophisticated algorithms are able to help us find the right provider and fund for every different type of person and situation in a fraction of the time it would take a human."

"Because of this, we are able to help more New Zealanders become financially secure."

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