Octopus Money has adopted artificial intelligence solutions developed by Scottish fintech company Aveni to improve the delivery of its financial advice.

Octopus trialed the Edinburgh-based firm’s Aveni Assist which is used in advisory work and Aveni Detect which automates the quality assurance process.

Joseph Twigg, CEO of Aveni, said: “Octopus Money’s continuously innovative use of technology to enhance the human experience reflects the huge potential afforded by the right AI solutions.

“The increased emphasis from the FCA [Financial Conduct Authority] on targeted support and delivering better outcomes for customers is a fundamental benefit of AI.”

Paul Titterton, chief operating officer at Octopus Money, said: “At Octopus Money, we’re always looking for ways to ensure every customer gets the money support they need—not just the wealthiest few.

“Administrative burdens, which have been heightened by new Consumer Duty Rules, can make it harder for advisers to serve clients of all asset sizes.

“This is exactly why we’re thrilled to be partnering with Aveni. Its AI Assist tool is helping us digitise and streamline our customer call reviews, ensuring we maintain the highest standards while reducing the time spent on manual processes.

“By embracing AI-driven solutions, we can spend more time doing what we do best: supporting our customers and closing the advice gap.

“We believe money advice has the power to evolve to meet regulatory requirements while remaining inclusive and scalable. This kind of forward-thinking approach is what will ensure the long-term sustainability of financial advice for all.”