Azimut, one of the largest independent asset managers in Italy and one of the largest in Europe, has been increasing the wealth of individuals for 30 years. Having helped millions of people to invest and believing that everyone has the right to invest, Azimut created the personal investment mobile application – Beewise to make the world of investments accessible even to those who do not know where to start. , including millennials and technology. knowledgeable people.
The founders of Beewise decided to provide an easy to use application with a simplified user integration which, in addition to being a personal finance manager, would allow setting goals and achieving them by taking advantage of Azimut’s long experience. in terms of investment. Users do not need to be financial experts, Azimut helps and guides them with its experience via Beewise.
The challenge of making investing transparent for everyone
According to Capgemini research, only wealth or asset management companies that leverage AI/ML and digital technologies will be well positioned to personalize the client experience. Effective engagement throughout the customer lifecycle starts with the data ecosystem and adopting a digital-first strategy. This is where Open Banking is king.
Manual insertion of transaction data by users has never been an option for Beewise. Their goal of combining expense and investment tracking in a single app was far too ambitious to rely solely on the human factor. The key to the success of this mission is to automatically import financial data from various sources, standardize and unify this information and instantly categorize transactions. Also, an important factor in providing users with a seamless investment experience would be to enable instant investments. Via a usual simple top-up from a bank account or ewallet to a Beewise account, the funds would only be available in the account after two days. So a faster alternative was needed.
The silver lining brought by Open Banking
Since the Beewise app sought maximum security and convenience, Azimut chose Salt Edge to provide data aggregation and payment initiation within Italian banks for app users. Salt Edge has broad banking connectivity from over 5,000 banks worldwide, allowing Beewise users to connect their bank accounts and invest and transfer funds directly into Azimut. Without these features, the proper user experience would simply be impossible.
“Salt Edge was instrumental in our mission to create an easy-to-use mobile app that would simplify what we think is a complicated subject: investments. We bring Azimut’s investment experience and knowledge to Beewise users and it takes a partner who shares the same trusted approach to deliver the best and safest customer journey possible. Salt Edge has technical expertise and a strong reputation in the open banking market,” commented Giorgio Medda, Co-CEO and Global Head of Asset Management at Azimut.
Thanks to the payment initiation function, Beewise users can easily and securely transfer the requested amount to the Beewise application, for each investment they wish to make, without sharing card credentials. The Account Information Element, a sophisticated financial data aggregation and enrichment API that quickly and continuously extracts raw data from multiple sources and turns it into insights, helps Beewise enable its customers to track expenses, set savings goals and receive investment recommendations all in one app. Aggregated banking data also greatly simplifies the entire customer onboarding process, reducing it to minutes.
According to Matthias Van Den Eede, Founder of Beewise and Head of Digital Business Development at Azimut, by leveraging Salt Edge’s account information and payment initiation APIs combined with AI and ML algorithms, users of the application obtain in-depth financial information and must invest in various themes. investment projects, developed by Azimut’s global team. “We are bringing young people closer to smart money management and investing and we are happy to have Salt Edge alongside us on this exciting journey,” added Van Den Eede.
Combining Azimut’s investment expertise with Open Banking elements in a smart app has debunked the myth that investing is only accessible to finance gurus. To learn more about Open Banking and how you can innovate with it, visit www.saltedge.com.
About Andrei Scutari
Andrei is Country Manager Italy at Salt Edge. Over the past 3 years, he has been actively involved in establishing a strong position for the company in Italy. Additionally, as a Sales Manager and Open Banking expert, Andrei has helped dozens of companies define winning Open Banking strategies and create exciting use cases.
About Salt Edge
Salt Edge – a financial API platform with PSD2 and Open Banking solutions for every business. The company has two main business vectors: enabling third parties to access banking channels through a unified gateway and developing the technology necessary for banks to comply with the requirements of the directive. ISO 27001 certified and AISP licensed under PSD2, the company uses the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with more than 5,000 financial institutions in more than 50 countries.