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Wealthtech Roundup

Weekly Wealthtech Report: Quovo Partners with Apex on ACATS Transfers

Also this week, Credit Suisse is launching an AI-powered index, and Hearsay acquires Mass Mobile.

Just a few days after finalizing a deal with RobustWealth, Apex announced another deal with data aggregation and analytics firm Quovo to develop a new application programming interface for more efficient automated customer account transfers. The companies said the combination of their APIs will give wealth management firms a better workflow to more quickly and accurately convert users’ outside accounts into new assets by reducing the need for manual data collection. The idea is have ACATS transfers complete in a matter of days instead of weeks while also substantially reducing NIGO rates.

Quovo CEO and Co-founder Lowell Putnam said many of his company’s clients, including advisors as well as fintech companies, have singled out account transfers as being an especially challenging part of client engagement. “The process is error-prone and embarrassingly manual, in an age where technology is reducing friction in so many other investment workflows.”

Credit Suisse Launching AIS Index

Credit Suisse is the latest firm to turn to artificial intelligence to make stock picks. In collaboration with RavenPack, a firm that uses algorithms to create quantitative investment strategies, Credit Suisse is launching what it calls the Artificial Intelligence Sentiment (AIS) Index. Using data analytics to make sector allocation decisions in a tradeable and systematic way, AIS tracks the national performance of an algorithmic U.S. large-cap sector rotation strategy based on sentiment scoring.

It’s Credit Suisse’s first foray in to a world of AI-driven investments that is picking up steam recently. Last week, the IBM Watson team announced plans to launch an exchange traded fund powered by its AI engine.

Hearsay Acquires Mast Mobile

Hearsay Systems kicked off the week by announcing plans to acquire Mast Mobile Inc, a privately held technology company that produces mobile communications integrated with customer relationship management systems. Presenting at SIFMA’s annual meeting in Washington, D.C., Hearsay founder and CEO Clara Shih said the acquisition would be used to advance Hearsay Messages, a text-based client outreach product for advisors. Shih added that Mast would accelerate her company’s investments in deeper CRM integration and voice capabilities. Mast co-founder and CEO David Messenger will join Hearsay in an advisory role.

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