Megan Caywood Cooper, the former chief product officer at Barclays and chief platform officer at Starling, has unveiled her new AI wealthtech venture, Caywood, at Money 20/20 today.
Cooper described the startup as a wealth management platform that leverages AI to deliver personalized financial guidance in real-time. Reflecting on her decade-long experience in the banking sector, she shared her vision for the future of digital banking: “If the first phase of digitization was about automation, making our services more accessible, the next phase will focus on augmentation, enhancing the offerings for customers.”
She emphasized the need for a “fundamentally different user experience” to achieve this goal. “AI and APIs have advanced significantly, allowing us to utilize this technology to provide personalized financial guidance in ways we couldn’t before,” Cooper explained.
During her presentation, she outlined several features that Caywood will offer, including:
– Smart financial aggregation
– Financial summary and budget outlines
– Cashflow forecasting and modeling
– AI-driven financial planning
– Smart budgeting
– Automated portfolio management
– Tax optimization
– Open APIs and a development platform
One notable feature is tax optimization. Cooper remarked, “Many individuals may not understand which financial instruments can help them achieve their goals. Our service will incorporate various allowances and government incentives that relate to their tax status.”
Cooper concluded by stating, “My primary focus is on enabling customers to make better financial decisions. While enhancing convenience in banking is important, it doesn’t solve the problem by itself; in fact, it can raise expectations. Now, we are dedicated to leveraging innovative technology—AI and APIs—to provide personalized financial advice exactly when it’s needed.”
For more insights into the challenges and opportunities that artificial intelligence presents in the banking sector, consider attending Finextra’s first NextGenAI conference on November 26, 2024. Register your interest here.