Fintech
Megan Caywood Cooper, former Barclays CPO, launches artificial intelligence technology
Megan Caywood Cooper, former chief product officer at Barclays and chief platform officer at Starling, announced her new AI Wealthtech Caywood today at Money 20/20.
Cooper described the startup as a wealthtech platform and product that uses artificial intelligence to provide personalized financial guidance in real time.
He spoke about his experience at Barclays and Starling over the last 10 years and what he sees as the next step in digital banking: “If this first phase of digitalisation was about automation, making it easier to access what we do. The next phase will be about scaling up, creating better services for customers.”
Cooper said this required “a fundamentally different user experience.”
He added: “AI and APIs have matured such that we can now leverage this technology to provide customers with personalized financial guidance in real time in a way we were previously unable to do.”
In one slide, Cooper said Caywood would include:
- Intelligent financial aggregation,
- Financial summary and budget outlines,
- Cash flow forecasting/modelling,
- Financial planning based on artificial intelligence,
- Smart budgets,
- Money on autopilot: automatic portfolio management,
- Tax optimization e
- Open API and development platform.
One feature Cooper highlights is tax optimization. He said: “This is largely based on the premise that many individuals do not know exactly which financial tools can help them achieve their goals. The various state benefits and incentives are part of these products, or even their tax status”.
Cooper concluded: “One of the key things I really focus on is helping clients make better financial decisions. The reality is that making banking more convenient hasn’t solved the problem; in fact, it has probably increased expectations. So now what we are focusing on is leveraging this new technology through AI and APIs to give people personalized financial advice when they need it.”