Fabrick, an Open Banking Fintech and Prometia, a company offering wealth management solutions, have joined to launch the Global Investment Portfolio, a digital wealth management solution that utilizes artificial intelligence (AI) as well as Open Banking tech.
According to a release, the two companies have pooled assets and skills in open banking and AI to develop the Global Investment Portfolio that puts together an investor’s overall financial portfolio through the aggregate analysis of the bank accounts held by them across various institutions. The Wealthtech leverages AI to spot information generated by asset management activities run by other banks without the need for direct access to all of an investor’s separate investment accounts.
Global Investment Portfolio uses Fabrick’s PSD2 Gateway that allows access to comprehensive bank data through the account aggregation service which provides analysis of all current accounts. The service provides a multi-bank experience that allows customers to view all information from a single touch point. The service is designed to allow investors to monitor all their investments from a single platform while providing real-time comparisons of investments and the ability to easily see which are performing and which are not.
Matteo Necci, a Partner at Prometeia, explained:
“Global Investment Portfolio is a cutting-edge solution with respect to the main trends in Digital Finance and is proposed as a distinctive element in the automation and digitisation of customer advisory processes. The combination of our know-how in artificial intelligence solutions for wealth management with Fabrick’s open banking expertise and ecosystem allows intermediaries to have in-depth knowledge of the investor’s financial portfolio, fully developing the potential of PSD2”.
Paolo Zaccardi, CEO of Fabrick, said that wealth management is a sector that is proving to be very active in exploiting the benefits of Open Finance to develop new digital services that meet the needs of the public and end consumers:
“Fabrick is an active part of this process and the partnership with Prometeia demonstrates how access to current account data represents only the tip of the iceberg of the numerous opportunities presented by our ecosystem and the collaborative approach we promote. You just have to look at the Global Investment Portfolio solution to understand the great value that the combination of account aggregation and data categorisation brings to all the players involved, tangibly enabling a new and more complete and personalised offer model.”