Posted / November 8, 2019
Our CEO Andrew Firth has been interviewed in an FT Adviser article about AI in MyEva and how she is disrupting the the financial advice industry so more people can have access to the help they need when it comes to their finances.
In the article, Andrew talks about the appeal of MyEva’s jargon-free approach and how MyEva can work with people with a variety of financial-needs and requirements.
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Waiting to help them is MyEva, a “digital financial adviser” which uses algorithms to provide regulated advice on pensions, savings and investments through a chatbot, backed by a team of human advisers. MyEva is the creation of digital advisory firm Wealth Wizards, which is regulated by the Financial Conduct Authority (FCA). Chief executive Andrew Firth says the app is aimed squarely at the “mass employed” who face similar financial issues — one of which is the lack of access to straightforward, affordable advice.
“The majority of our revenue is coming from employers who are buying MyEva for their employees,” he says, adding that most offer it for free as part of their wider staff benefits package. Intriguingly, the firm plumped for a female chatbot because the financial advice profession is dominated by men and this was one way to “help address the balance”.
The name Eva was chosen because it is defined on slang website Urban Dictionary as “a person of extreme knowledge and high standards”.
After completing an online “financial healthcheck”, Eva will suggest ways that users can achieve their financial goals. Mr Firth says younger employees tend to have quite straightforward questions about pension top-ups and getting started in Isa investing which can be handled by the chatbot in language they understand (MyEva’s slogan is “no jargon, no pressure”).
If users meet conditions such as being debt-free and having cash savings, they can access investment advice — but only after having their risk appetite and capacity for loss assessed.
Read the full article, here.
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