SideKYC: now the digital financial advice is intoned with the customer’s emotions

Sidekyc: now the digital financial advice is intoned with the customer’s emotions

  • GFT and Virtual B sign a partnership agreement
  • The SideKYC suite allows the definition of a full customer profile, including psychological and emotional aspects, and is tailored to the regulation.
  • Financial institutions can customize financial and insurance products and implement up-selling and cross-selling sales strategies.
  • It improves engagement on digital channels.

Milan, November 21 – GFT Italia, a global technology company focused on the financial sector, and Virtual B Spa, owner of the AdviseOnly digital investment platform, signed a distribution agreement to offer SideKYC, an innovative suite to profile customers at 360 degrees: from a behavioral, cognitive and emotional point of view, all in compliance with MiFID 2.

Based on the proprietary algorithms designed by Virtual B, in SideKYC Machine Learning techniques are combined with the principles of behavioral finance. SideKYC enables to optimize the commercial effectiveness by enhancing customer knowledge through digital investment channels. The new solution enables financial and insurance companies to an aggregate different type of data: transactional, socio-demographic, regulatory, rather than data from social media and to integrate them with exogenous data, such as those related to financial markets and other external factors, in full respect of privacy and safety.

Clients’ knowledge and segmentation are perfected through a systemic approach that combines the data-driven spirit of Data Science with the knowledge of business and regulatory logic, crucial with the advent of MiFID 2, IDD, PRIIPS, and other industry regulations.

As a global technology and innovation specialist in the Financial Services industry, GFT will coordinate and support the system integration side of the SideKYC profiling suite, which can be implemented in multiple technological contexts, in line with different customer needs. GFT and Virtual B are already in talks with a few financial institutions interested in implementing digital MiFID II compliance tools and in innovating customer intelligence methodologies with Data Science.

In addition to the banking and wealth management sectors, insurtech applications are on the horizon, since legislation, in particular, IDD and PRIIPS, is imposing new and more stringent standards for life products such as unit-linked policies. The possibility of standardization and the emergence of digital supply management, in line with what has already been done for non-life insurance policies, are, in fact, remarkable.

‘This partnership places us as a benchmark player in the area of digital profiling and construction of a set of dynamic and advanced metrics (KYC, known as your customer) specific to customers of the financial sector, which, being regulated, requires a specialist competence – says Dante Laudisa, Marketing & Communication Director at GFT Italia. – GFT has always focused on developing strategic skills in the most innovative and advanced fields of technology, such as artificial intelligence, blockchain, or Cognitive Machine Learning, and has significant and important digital transformation experiences in Italy and Europe ‘

‘The unstoppable digitization of consumer behavior and the affirmation of e-commerce giants such as Amazon, which has put the customer at the heart of their own value proposition, have raised forever customers’ expectations in terms of digital standard of service. At the same time, increasingly stringent regulations, such as MiFID 2, demand additional transparency in wealth management. Technological developments and artificial intelligence today enable these challenges to be transformed into opportunities for smart incumbents, ‘comments Serena Torielli, CEO of Virtual B SpA -‘ Solutions developed with GFT give the opportunity to financial companies to valorize a number of existing data, to gather new ones, and to build a wealth of customer awareness, improving engagement and loyalty, and defining a more personalized business proposition. ‘

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