aixigo continues internationalisation with opening of London office
The Aachen-based international software provider for digital financial wealth Management and advisory solutions aixigo opened its new office in Luke Street, UK/London, in May.
With this move, aixigo is pushing ahead with its internationalisation measures in growth markets. The decision for London was made not only because of the importance of the financial centre, but also because the demand for high-performance digital software for investment advice is extremely high, especially in the UK.
The British private customer sector is being changed by a number of strong forces. The economic environment continues to bring uncertainty; regulatory requirements are evolving; customers are demanding greater personalisation combined with excellent customer service; and at the same time, technological innovation is challenging traditional business and delivery models while at the same time leading to a number of demanding competitors.
However, one of the biggest unintended consequences is what many call the “advice gap”. This is caused by the fact that banks and financial advisors no longer offer services to people with less than £100,000 of investment volume. They argue that the cost of serving these clients has become too high.
“As regulatory requirements increase, so does the minimum investment volume, because advisors are confronted with higher costs. As a result, a large part of the population with smaller investment volumes has no access to qualified financial advice. In the UK, a consultant now has to serve 2,700 customers,” says Michael Decker, aixigo AG / UK.
And it is precisely this “advice gap” that aixigo can close efficiently with its technology. aixigo uses its digital API wealth management and investment advisory platform for this purpose. It is the basis for financial institutions to be able to offer digital value-added services in the branch and via mobile devices, including voice interfaces, in an attractive and cost-efficient manner. Over 100 API-based services are currently available. The API can provide large amounts of data as a raw material for legacy systems and refine them quickly and flexible on a large scale. This makes information more accessible for customer systems – regardless of which core banking system is available as the basis.
“We are realising that speed, mass suitability and flexibility are becoming increasingly important for digital banking services in the areas of wealth management and investment advisory. Why? Because in the digital age, the attention span of clients continues to decline. So the goal must be to get at least two minutes of attention a day from the client. And you can only do that if you can offer relevant information extremely quickly, digitally and attractively. Because in the end, the banks will also benefit greatly from this. You meet customer expectations in digital competition and at the same time reduce costs per customer, although the effect of a real customer experience is significantly higher. This, in turn, means that customers are more willing to pay despite regulatory requirements and cost transparency. And in the end, the goal is for the bank to become an integral part of daily digital habits,” says Christian Friedrich, CEO of aixigo AG.
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