Auckland fintech provider Invsta has planned a series of guides to help the financial services industry achieve ‘digital transformation’ following the successful launch of part one targeting the funds management sector.
In a release, Rachel Strevens, Invsta chief, said the firm developed the first digital “roadmap” to meet an increasing demand from fund managers looking to engage with younger demographics.
“These potential investors have grown up with technology and expect a digital-first experience that mimics the BigTech giants such as Amazon and Facebook,” Strevens said.
The fund manager checklist features a traffic-light system allowing businesses to track their progress across more than 20 actionable areas grouped under two categories: digital client engagement; and, compliance/administration.
“We’ve had such a great response to this checklist from our stakeholders, so we’ll be drawing up similar checklists for wealth advisors and KiwiSaver providers in the future,” she said.
The digital to-do list for fund managers includes items such as onboarding, financial calculators, robo advice, user analytics and real-time investment tracking.
According to the Invsta fund manager guide, a swathe of research has shown “that the next generation of investors wants to be more actively involved and knowledgeable around their investments”.
“BigTech companies have set the standard for digital accessibility and usability, and modern investors expect to have the same investment experience from their wealth providers,” the checklist says. “As the pace of digital adoption quickens, financial service providers must analyse their service offerings, and identify gaps in their digital investment experience to remain relevant in the face of a changing landscape.”
Founded in 2016 by Strevens and Abhy Singla, Invsta has developed a range of front- and back-end digital tools for fund managers, KiwiSaver providers and financial advisers. While it’s based in NZ, the firm has global ambitions with offices in Australia, Vietnam and the Philippines.
Mint Asset Management emerged as one of the first NZ firms to partner with Invsta in August last year.
In November 2019, NZ investment administration firm, MMC, took a small ownership stake in Invsta.