Lufax chief product officer Jeff Li spoke about the roles of data, artificial intelligence, and machine learning in wealth management at the inaugural Greater China Alternative Investments and Alternative Data Conference organized by the Beryl Consulting Group and Global Tone Communication Technology (GTCOM).
“Lufax conducts its business completely online. Our interactions with customers are mainly achieved through mobile apps,” explained Li. “This makes behavioral data all the more valuable and imperative.” Instead of constructing customer profiles through in-person meetings, Lufax leverages behavioral data generated from the use of its platform, as well as official and public data to formulate a multi-dimensional risk profile, where risk attitude, capacity, and appetite combine to inform the determination. The system takes into consideration the biographical, financial, and lifestyle information customers voluntarily enter themselves to understand and anticipate their wants and needs, and project their future investment paths.
On the product side, Lufax has more than 5,000 products on its platform, including mutual funds, pension funds, private equity funds, structured funds, etc. “We take due diligence seriously and look deeply into the underlying assets of each fund, as well as the identity, skills, and style of the fund manager,” expounded Li. “Furthermore, we are vigilant to the regulation changes that pertain to the companies the fund invests in to better manage risks.” Lufax uses knowledge graphs, a big data technology, to connect the dots of these disparate data points and produce a dynamic and in-depth profile for each product.
The application of artificial intelligence and machine learning allows Lufax to not only handle scale, but also do so with finesse. “The matching solution we deliver is more sophisticated than typical robo-advisors that perform a five by five mix and match. We are able to provide nuanced, bespoke services to customers based on their individual circumstances. Lufax’s dynamic risk matching evolves with evolving factors, such as market conditions and lifestyle change,” said Li.
“An area of focus for us is to go beyond simply knowing who our customers are, but also gaining understanding of what they want,” said Li. “Lufax has developed a Know Your Intention (KYI) module to help optimize how we serve our customers.” Lufax is the first in China’s digital wealth management sector to map out its entire platform with more than 100,000 neurons to identify where breakdowns occur. KYI maintains algorithmic models to predict where customers may need help, and actively renders assistance without prompting. KYI also uses Natural Language Understanding (NLU) to empower wealth management bots to interact with customers. The module takes into account information such as what kind of articles customers like to read on the Lufax platform and what sort of sectors in which they seem to be interested, and helps the bots recommend the most relevant products.
“Thanks to Lufax’s financial DNA and partnerships with hundreds of financial institutions, we are able to access more, and more diverse products, and match investment horizons to the preferences of our customers,” said Li. “By synthesizing traditional data and alternative data with Fintech we strive to bring about the best of both worlds and gain an edge in improving suitability and increasing return.”
Broadridge Brings Together Wealth Business Under Michael Alexander
Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader and part of the S&P 500® Index, today announced that Michael Alexander has been appointed President, Wealth Management. In this newly created position, he will be responsible for bringing together Broadridge’s Wealth solutions into an integrated, market-leading Wealth Management business that will uniquely address Wealth Management firms’ need to transform their technology and business models. Mr. Alexander will report directly to Tom Carey, President of Global Technology and Operations.
“Mike is a recognized leader in the financial services industry and has a passion for creating leading-edge, SaaS-based wealth management solutions,” said Mr. Carey. “Mike will drive Broadridge’s efforts to enhance the advisor and client experience through a single platform that will be a foundation for the industry.”
As President of Broadridge’s Wealth Management business, Mr. Alexander will take leadership of the Broadridge Wealth Platform, the next-generation open platform that is creating a modern, best-in-class industry-level wealth management technology solution. This platform, which is at the center of a recently announced sale to UBS, enables wealth managers to drive their business to the next level while mutualizing investments in technology, innovation and security. With the Broadridge Wealth Platform, firms will be able to deploy an integrated front-, middle-, and back-office solution that optimizes Financial Advisor productivity, creates a richer client experience and digitizes enterprise-wide operations. Broadridge Wealth Management also offers market-leading component solutions for Advisor Websites, Data Aggregation, Performance Reporting, Corporate Actions, and back- and middle-office Managed Services, among others.
Since joining Broadridge in 2006, Mr. Alexander has taken on roles of increasing responsibility in both technology platforms and managed services. In these roles, he has led numerous complex client engagements and successful acquisitions.
Prior to joining Broadridge, Mr. Alexander was Senior Vice President of Operations at Charles Schwab. He is a member of the SIFMA Operations and Technology Steering Committee.
SOURCE Broadridge Financial Solutions, Inc.
Bajaj Housing Finance Limited Bags the BFSI Digital Innovation Awards 2020 for Cloud Solutions
Bajaj Housing Finance Limited (BHFL), a 100% subsidiary of Bajaj Finance Limited, has won the ‘BFSI Digital Innovation Award’ for Cloud Solutions at the recently held Express BFSI Technology Conclave and Awards 2020.
Organised by the Express Computer, an IT business magazine from the Indian Express Group, the BFSI Technology Conclave and Awards, is one of the largest congregation of IT decision-makers, senior executives and partners in India. The event, held in Pune from January 24th-25th, 2020 witnessed the best from the BFSI sector participate as speakers and share their views on the way ahead for one of the biggest financial markets in the world.
The conclave ended with the BFSI Digital Innovation Awards which were given away to Indian Banks or Indian subsidiaries of MNC BFSI institutions in the BFSI industry that demonstrate the innovative use of a particular technology or a combination of technologies for distinct business benefit. There were 13 distinct categories – like Big Data, Enterprise Mobility, Data Center, Cloud, Artificial Intelligence, Enterprise Security, Blockchain and Enterprise Application among others.
The participants were judged on their effectiveness of deploying a completely new solution or innovative use of existing technology to gain a competitive edge, improve operations, become more responsive to customers and partners or, simply, to add to the top or bottom line.
Sharing his delight at the occasion of winning the award for excellence in Cloud, Atul Jain, Chief Executive Officer- Bajaj Housing Finance Limited said, “It is indeed a proud moment for all of us at BHFL and would like to congratulate the entire team for helping us achieve this prestigious recognition at the Express BFSI Digital Innovation Awards 2020. Since inception, our core mission has always revolved around providing the best experience for our customers through innovation and customer engagement.”
SOURCE Bajaj Housing Finance Limited
LiteLink Technologies Subsidiary uBUCK Technologies Completes Second Tranche of Private Placement to Fuel Growth
LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0B), a key player in logistics platforms and payment solutions, is pleased to announce that its subsidiary uBUCK Technologies SEZC (“uBUCK”) has closed the second tranche of a non-brokered, non-dilutive private placement previously announced on September 23, 2019.
Under the second tranche, uBUCK issued 1,000,000 preferred shares at a price of US$0.50 per share for gross proceeds of US$500,000. Under the terms of the offering, uBUCK expects an additional minimum investment of US$1,500,000 will be made in exchange for 3,000,000 preferred shares at a price of US$0.50 per share by June 30, 2020. The investor will also have the option to invest an additional US$2,500,000 for a total of 8,000,000 preferred shares at a price of US$0.50 per share by September 30, 2021.
Along with the first tranche closing announced September 30, 2019, uBUCK has now raised a total of US$900,000.
uBUCK intends to use the gross proceeds of the private placement to complete the development of the uBUCK and Streambucks digital wallets, accelerate growth, increase customer acquisitions, and conduct additional product testing.
Because the private placement was made directly into a subsidiary of LiteLink, it is non-dilutive to LiteLink shareholders. The transaction is subject to all necessary regulatory and stock exchange approval.
The preferred shares come with first rights to dividends of 6% (of the amount invested) and first claims to assets up to the investment in case of liquidation. Upon closing of this tranche, the investor will own 3.6% of uBUCK.
SOURCE LiteLink Technologies Inc.
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