New Nod offering slashes SOA production time

Nod's AI technology can drastically cut the time taken to produce an SOA


By Sarah Kendell

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Fintech start-up Nod has relaunched as a software-as-a-service offering using artificial intelligence to significantly cut the amount of time it takes the average advice practice to produce a statement of advice (SOA).

Speaking to financialobserver, Nod chief executive Joel Robbie said the group’s new software offering could cut the cost of producing an SOA to $20 as it made use of natural language processing to merge data from client fact finds, product data and a practice’s existing document templates to produce compliant SOAs that were in line with best practice for the firm.

“We produce a complete SOA in real time in language that is already approved [by the practice], with all the necessary structures and disclosures, so we don’t have to create new templates,” Robbie said.

“That means the on-boarding process for new customers is pretty seamless - with other advice software you have to go through a pretty long process of scoping, designing and writing everything and testing that it works, whereas for us all you need is a historical SOA to feed into the software and within a few weeks we’ve got a working application that is tailored to you.”

Having started life as a consumer-facing platform connecting advisers and unadvised consumers, he said following its graduation from fintech accelerator H2 Ventures last year, the firm realised the real value lay in using technology to streamline the way advisers ran their businesses.

“As we got into the original marketplace business we worked out that there are a lot of inefficiencies on the adviser side of the equation and unless you solve those, you will never deliver a good experience to the consumer,” he said.

“If you poll 100 advisers and ask them what the worst part of their day is, 99 of them will say it’s SOA production and writing, so we have had a really visceral response from the adviser community who are wanting to know how they can get the software because it’s such a different experience than what they are used to.”

The software, which was available to practices and licensees from between $199 and $299 a month per user, had already been taken up by two boutique firms in Sydney and Melbourne and the firm would be conducting trials with a large dealer group and one of the major banks early next year, he added.

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