Scottish fintech business Aveni’s artificial intelligence technology has been selected by Schroders Personal Wealth (SPW) to transform its compliance function.

The Financial Conduct Authority has recently called for companies to invest more in technology to help guarantee that future regulatory requirements are met.

The Aveni Detect platform will enable SPW to use the latest advances in Natural Language Processing (NLP), the ability of a computer program to understand human language as it is spoken and written.

Ray Milne, chief risk officer at SPW, said: “Our partnership with Aveni shows our commitment to using technology to ensure the quality of our advice.

“It will enable us to identify vulnerable and other high risk clients, helping us support them in the best possible way.”

Aveni CEO Joseph Twigg said the partnership “demonstrates a true shift in the way advice is being offered and assessed”.

He added: “Recent advances in generative AI such as Aveni Detect are set to fundamentally transform the investment industry.

“Placing AI technologies at the heart of business operating models is no longer a nice to have; it will determine who wins and who loses over coming years. SPW is demonstrating its commitment to remaining at the forefront of the market.”