Blog entry by Onur Yurtsever, founder of Smart Advice (AkıllıBES), a Turkish fintech startup from Istanbul and the first startup from Turkey selected into the Oracle Scaleup program, part of the Oracle Global Startup Ecosystem.
Support Investors: Next-Generation Solutions Needed
Financial and political crisis occur periodically and clients have bad investment experiences. Investors lose their trust to investment products and providers and aren’t satisfied with their investment returns. Clients don’t feel comfortable in making investment decisions. They expect their financial institutions to help them in this decision-making process by understanding their financial needs.
This creates several investment opportunities but also several questions. It is difficult to choose investment funds among hundreds, create diversified portfolios, trade at the right time, follow up the performance systemically, and have higher returns.
Financial decision making for investors is very much related to the level of knowledge they have. There are three types of investor segments: First are self-directed investors who take ownership decisions; The second segment are validators who gather their own information and make decisions after seeking advice from experts; and the third are delegators who hand-off decisions to advisers. Validators are by far the largest segment, representing approximately 60% of the investors. All of them need support for giving better and well-informed investment decisions.
Smart Advice: Empowering Investor Knowledge & Action
Smart Advice (AkıllıBES) is our solution that is a next-generation robo-advisory platform which will empower investors to give well informed and smart investment decisions in a few minutes without being an expert in finance. The solution delivers tailor-made advice depending on investor behaviors, personal finance issues, financial planning concepts, and investor psychologies.
This is an innovative, online web-based advice service, together with its powerful mobile application, to provide benefits of diversification and advantages of professional asset management. This digital tool will assist investors to distribute their savings in an efficient way, starting from an accurate diagnosis of their financial status and supporting them in setting their goals. In order to enhance the investment returns, digital advice and portfolio models will be recommended.
A full set of functionalities such as goal settings, social trading, gamification, financial diagnostic, simulation and product proposition, as well as follow up and monitoring, are embedded in the user-friendly digital tool, providing users with a unique and interactive digital customer experience.
Innovation: A Fintech Priority & Opportunity
Innovation is one of the top issues in the financial services sector that all institutions want to advance. They see innovation as one of the most important strategic values for both increasing their financial performance and presence in the market. The future of financial services is reshaped by disruptive innovations. However, there is no clear evolutionary path for creating and achieving innovations. In addition, business models are not defined properly.
The main areas for innovation include empowered investors, process externalization, crowd funding, alternative lending, shifting customer preferences, new market platforms, smarter and faster machines, and cashless world. At Smart Advice, we’ve zeroed in on empowered investors, providing a next-generation experience, innovative solutions, and a new business model.
Smart Advice (AkıllıBES) is a Turkish fintech startup providing financial solutions, particularly for pension and wealth management industries focusing on human-computer interaction and behavioural finance. Its main aim is to create new financial products and design a new financial experience by offering an all-in-one solution including robo-advise, chatbot, gamification and social trade.