Otivo launches ‘national first’ AI digital advice assistant

After teasing the announcement at a Sydney event late February, Otivo has released its “national first” AI-powered financial advice assistant, allowing users to ask questions about the advice provided on Otivo’s platform that is personalised, compliant and regulated in accordance with Australia’s “strict” advice regulations.

The firm explained that Ask Otivo was powered by Otivo’s advice engine, which has been refined over the past nine years in addition to being vetted by KPMG.

Furthermore, every response from Ask Otivo would be catalogued and automatically audited by the firm.

The firm said this new capability “seamlessly integrates” with Otivo’s existing digital advice solutions being used by a number of financial institutions, including Colonial First State (CFS), NESS Super, Suncorp, Ernst & Young, Medibank and Latitude Financial.

Nathan Isterling, chief information officer for Otivo, said the “true revolution” of Ask Otivo wasn’t the AI itself, but more so how it “transforms digital advice into a real, interactive conversation, making it feel more humanistic”.

“This is not a chatbot offering generic advice but a trusted, compliant digital financial adviser that responds in real-time, addressing the exact financial concerns of each individual,” Isterling said.

He added that the integration of Ask Otivo would allow users to engage in a financial conversation that was “regulated, licensed and designed for their unique financial circumstances”.

With research from the Association of Superannuation Funds of Australia (ASFA) having shown that Australians were increasingly turning to social media platforms for financial advice, the firm suggested that the launch of this AI tool came at a crucial time to help bridge the advice gap.

“We know Australians are consuming financial advice online, be it through social media or forums, but the issue is this information is unregulated, unverified, misleading, and not personalised to their financial situation,” Isterling said.

“Australians deserve better, and Ask Otivo delivers an entirely new experience. It provides Australians with a two-way conversation that is licensed, regulated, and tailored to their personal financial needs, something that has been missing from digital advice until now.

“For too long, Australians have turned to social media and online forums for financial advice, often receiving misleading or incorrect information that doesn’t account for their individual financial circumstances. Ask Otivo eliminates that risk by providing regulated, personalised, and compliant advice in real time.”

Utilising the financial advice generated by the Otivo engine covering a number of topics including super investments and additional contributions, retirement planning, mortgage management and debt advice, the firm said the AI assistant would make the digital advice experience more personal and interactive.

As a wave of Australians is set to retire in the coming years, Paul Feeney, chief executive of Otivo, suggested that the addition of the AI-powered chat function would make financial advice more accessible.

“For too many Australians, personal finance feels complicated and overwhelming. Ask Otivo provides a safe, judgment-free space where anyone can have a real conversation about their financial life and gain clarity on what they should do next to be better off – all without the hefty price tag.”