Munnypot’s Chat-based Robo-Advice Service Now Available to UK Public

UK Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term firm Munnypot, a mobile-first robo-advisor service launched by the founders of Cavanagh Group, has announced the official launch of its robo-advice and investment service to the UK public effective today.

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Munnypot uses a natural chat format – styled like WhatsApp – to engage with users and guide them in their investment options. It also keeps them up-to-date with the progress of their financial situation.

Munnypot interacts with users through conversational and jargon-free questions, and by answering them online it can define their lifestyle goals and risk profile. In addition, the platform goes beyond making suggestions by offering clear advice on the best way for a person to invest his money, via one of five tracker products. It then keeps consumers informed on performance, in real time, advising them on the possible decisions to take if things change.

The venture was co-founded by financial services entrepreneurs Simon Redgrove and Andrew Fay, the duo behind Aim-listed IFA firm Cavanagh Group, and recently teamed up with a range of partners. The firm has already secured the backing of Ortec Finance, Five Degrees and Virtual Affairs, as well as SEI wealth management which provides the outsourced investment operations, including trading, custody and Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term services.

Simon Redgrove, co-founder of Munnypot, commented: “Wealthy investors have been using first generation robo-advice services for years, but until now they’ve not been accessible to the majority of people, particularly those who have little or no savings. We’re aiming to change that with a more intuitive and more cost-effective service that anyone with £25 a month to invest can use. We are determined to help Britain fall in love with saving again.”