The new AI assistants (nicknamed Harry, Ron and Hermione by the team) will enable advisers to cut the time spent on onboarding administration
Octopus Group’s financial advice proposition Octopus Money has added AI assistants to help with administrative and planning tasks.
It claims the new Harry Potter-themed assistants, Harry, Ron and Hermionie, will cut the time spent on onboarding administration by 75%
The AI assistants, powered by AI startup Ani Tech, will help with processes such as contacting third-party providers to retrieve documents. “Hermione” manages correspondence, “Ron” handles retrieval and “Harry” prepares client reports.
Octopus Money said that tightening up processes with AI will enable it to reduce the cost to serve clients, and make financial planning accessible to those with less than £200,000 in assets.
Paul Titterton, chief operating officer at Octopus Money: “The administrative and planning tasks involved with onboarding a new client used to take an average of 26 hours. With Ani Tech’s support, they now take just six. This means our team can spend more time with clients, enabling them to have the conversations that build trust and make a difference.”
Octopus Money already uses AI through its partnership with Aveni AI to monitor and quality-check customer conversations, and said that is exploring further opportunities.
Octopus Money was launched by the Octopus Group in May 2023.
The firm currently offers personalised support to over 250,000 employees through its partnerships with UK employers.
Last month it agreed to buy Virgin Money’s investment business for an undisclosed amount, subject to FCA approval. The deal will add 150,000 customers to Octopus Money.
The firm said the deal will significantly accelerate its growth in the direct-to-customer wealth market, and is a major step in Octopus Money’s long-term strategy to reshape financial advice in the UK.
The Octopus Group also owns companies like Octopus Energy, Octopus Investments and white label platform Seccl.
Ruth Handcock, CEO of Octopus Money, was awarded an OBE in the King’s Birthday Honours List for services to financial services and investments.
She became CEO of Octopus Money in 2023 after spending five years at CEO at Octopus Investments. She was a founding employee at challenger bank Tandem and is an independent non-executive director of Aldermore Bank.
