How new AI tech can help advisors chart client data and trends

Marble Financial of Vancouver wants to partner with advisors to help clients improve their financial fitness

How new AI tech can help advisors chart client data and trends

Marble Financial of Vancouver is offering financial advisors a Canadian-made app that it developed with AI technology on a fintech platform that can help their clients improve their personal financial fitness, but also provide better client data for advisors.

“If we can embed ourselves into a financial planner’s technology system, the financial planner can get some very unique insights that can help them build a roadmap for their clients’ financial plan,” Karim Nanji, Marble’s CEO, told WP.

The app, which costs from $9.99 to $29.99/month – depending on the package – with discounts for multiple months or apps, helps clients focus on their goals, define their budget, and develop a road map to help them achieve their goals. 

“If they have a subpar credit score, the algorithm and artificial intelligence can give them a roadmap for how to increase it before they go for their mortgage and get declined,” Nanji told WP. “The consumer might not know they’re actually 30 or 60 days away from getting approved. How valuable is that insight?”

Marble’s provides a free education platform that teaches individuals about budgeting, spending, credit, and debt – and it soon hopes to add saving and planning. The software categorizes 12 months of clients’ bank account information and creates a budget, then its algorithm and artificial intelligence develops trends to help clients learn to manage their funds to maximize their position.    

Marble initially focused on people who were “on the outside” and couldn’t get loans, but realized the tool could also aid financial planners who could use their clients’ real data from their bank accounts and credit reports to help them map and meet their goals. It could also benefit those who need credit even more in this pandemic economy, so they can pay with credit for what they need online.  

Marble began in 2016 and went public in April 2019. Nanji, who’s been CEO since October 2019, said while helping consumers who’d “stalled”, it realized insolvent consumers have poor financial fitness. So, it acquired existing technologies with two companies – Score-Up Inc. and then Inverite in March – which allowed it not only to track the financial information, but extract it from bank accounts and use AI to categorize applied risk. Clients now can access the software on Marble’s platform or financial advisors can use a partner portal that shows all clients’ claims, plus how they’re progressing and trending.

COVID, sadly, highlighted how people are hurting and created a bigger divide, and it made people focus on their finances even more, even people who were not underserved, who may have had a financial plan, but suddenly realized they weren’t keeping enough emergency savings,” he said. “So, COVID created an opportunity for us to be able to provide a solution that resonates and makes a difference in people’s lives.”