Apiax has launched a new product to allow banks and asset managers to factor the tax impact of financial instruments into their investment recommendations.
The Zurich-based RegTech startup the product addresses key challenges in wealth management, such as the need to increase the quality and frequency of client interactions and the rising demand for tailored investment advice and new investment products.
It enables financial service providers to inform clients about tax-heavy financial instruments and offer them tax-efficient investment recommendations instead. The solution also allows them to increase the quality and frequency of client interactions.
Ralf Huber, legal lead and co-founder of Apiax, said: “Financial institutions can finally make use of tax calculations in their advisory processes. This is the missing piece in the puzzle of value-added, personalised investment advice.”
The new tax solution allows to activate clients with investment proposals and creates a differentiating product. For wealth managers it addresses the rising demand for tailored investment advice and value-added investment products.
Philip Schoch, product lead and co-founder of Apiax, added: “We wanted to create a product that allows financial service providers to focus on their customers without ever losing sight of investment performance. We’re proud to have achieved just that with our new tax product.”
Apiax aims to help its clients, from banks to FinTech companies, transform complex regulations into digital compliance rules. It provides a digital compliance management platform to enable external legal experts and in-house legal and compliance teams to collaborate and manage regulations digitally. The platform consists of digital rule sets, which are kept up-to-date and verified; and, a regulatory cockpit for legal and compliance teams to manage regulatory updates, review and deploy them.
In a recent interview with RegTech Analyst, Ralf Huber said the biggest challenge in the financial services industry is the sheer number of regulations and the speed at which regulatory complexity is increasing.
“We think that the core of the RegTech industry is the digitalisation of regulations and to connect the know-how from regulatory experts such as consultancy firms with financial institutions in a way that empowers today’s digital processes and products,” he said.
Earlier this year, Apiax formed a partnership with Futurae to increase the IT security of its financial regulations platform. With the Futurae integration, Apiax said it will be offering its platform users an authentication solution that ‘fulfills the highest security requirements’ while also providing ‘unparalleled’ user-friendliness.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
