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WealthKernel Launches Digital Sipp For Fintechs – Wealth Tech Digest #54

Key takeaways

✅ WealthKernel Launches Digital Sipp For Fintechs

For our first digest, Using the WealthKernel API product wrapper, WealthKernel has introduced its new digital Sipp for fintechs and their clients. The fintech provider claims that the new API feature will give financial institutions the ability to offer digital Sipps in a flexible and cost-effective manner. It also caters to both digital and paper-based transfers. The digital Sipp will now provide a digital-first alternative to those wanting to be more proactive with their pension savings. This comes at a moment when younger consumers are more engaged with their money and demanding increased access to financial services. Penny is one of the first businesses to integrate WealthKernel’s digital Sipp. The pension-tech firm uses automation technology to help users find and transfer all their pensions savings into one place. The fintech says it will use the product to offer its users additional retirement saving capabilities alongside their traditional pension pots. Commenting on the launch, WealthKernel chief executive Karan Shanmugarajah said Sipps are an incredibly valuable savings vehicle. He adds that thanks to seamless integration with the company’s APIs, fintechs will be able to support their customers with greater flexibility for retirement savings. Penny chief executive Josh Stott added that the partnership with WealthKernel is an exciting step towards serving Penny’s customers. With this one Sipp product, customers will be empowered to make pension investment decisions that work for them and their ideals.

✅ Does Robo Advisory Market Have A Perspective?

For our next digest, we know that Robo-advisors are on the rise, but what does the overall wealth management market have to say? A growth rate of 53.54 percent is predicted for the global Robo advisory industry from 2020 to 2025, resulting in revenues of USD 93.70 billion. That alone makes it perfectly clear that this game-changing technology is here to stay. These robo-advisors usually work by gathering information from clients through online surveys about their financial position and objectives. After that, they utilize the information to give advice and invest client funds automatically. These robo-advisory digital platforms have been very popular among wealth management companies because of their cost-effectiveness. Afterall, they are rather inexpensive and require minimal or no human interaction. As the fintech sector adopts robo-advisors in order to increase their income opportunities, the market is growing. Unsurprisingly, there are several factors that have catalyzed the robo-advisory market’s rapid growth. The most obvious factors, of course, would be the tech-savviness of the new generation of investors as well as the greater need for convenience because of the pandemic. Because of this, financiers must alter their business models so that they can remain relevant in wealth management in the digital age.

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