AI platform claims it can advise at 1/20th of cost
A US-based digital platform wanting to set up a presence in Australia says it is able to provide financial advice through artificial intelligence for 5 per cent of the cost of a human adviser.
New York-based fintech firm Pefin said its platform uses AI technology to provide holistic, affordable and fiduciary financial planning and advice, encompassing every financial decision a consumer would need to take, all for 5 per cent of the cost of a human adviser.
It said it is currently setting up an Australian subsidiary to customise the product for the Australian market.
“Pefin will license its AI technology and create a uniquely customised Australian platform that provides fiduciary level and holistic financial advice to clients,” Pefin said.
“[The] goal will be to serve the 95 per cent of Australian consumers for whom the cost of human financial advisers is prohibitive, and who would like to receive the highest quality fiduciary advice.”
Pefin president Viju Joseph and Pefin Australia chief executive Anthony Caneva will attend meetings in Sydney and Melbourne from 8 to 18 October to seek partners and investors.
Further, Mr Joseph and Mr Caneva will plan to meet with regulators “to explain how its AI can provide and ensure fiduciary standards for consumers”, as well as to “create a level of transparency for the benefit of regulators that is not possible with human advisers”.
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