FinTech

Efficiency, Integration and Engagement

The Rice Warner FinTech solutions package.

The digital revolution has begun to build momentum. Its first wave has passed through the financial services industry, including the superannuation sector.  The initial impact has been on making processes more efficient, largely by converting manual systems to integrated electronic commerce.  A good example is the collection of contributions.

Current activities are more disruptive opening channels of innovation to solve age-old problems and challenges in fields such as  member engagement, smarter marketing, efficient financial advice provision and reliable, compliant sources of on-tap, accurate data.

Rice Warner is at the forefront of harnessing the new digital age on behalf of clients.

Services

Built by our Actuaries, PHOEBE is an Application Programming Interface (API) that provides access to a wide range of complex mathematical functions and services.  It solves common problems faced by our clients across the financial services industry.  The functions provide actuarially certified compliant calculations across the full spectrum of financial advice for members or customers.

PHOEBE has been implemented for a range of clients, including banks, superannuation funds, financial planning groups, wealth management organisations and industry bodies.

PHOEBE provides clients with peace of mind that, by using a central source of calculations, they will always provide their members and customers with consistent, compliant and accurate information and output.

GALAXY is a market leading API enabled product research engine that supports the provision of financial advice by providing simple views of complex product research data, algorithms and information. GALAXY APIs allow disparate systems to retrieve information required to perform product analysis, comparison and selection, based on client details and their product needs.

GALAXY supports five product markets via two engines:

  • Superannuation and Investments Engine
    • superannuation products
    • investment platforms
    • pension products
  • Risk Engine
    • insurance outside superannuation (Retail)
    • insurance inside superannuation (Group)

Rice Warner provides decision support and advice tools to the Australian financial services market, having built and deployed over 100 advice tools to date.  We provide consulting services, mathematical capability and development work on advice tools throughout the industry.

Our capabilities and tools cover the following markets:

  • Superannuation and Retirement
  • Life Insurance
  • Property
  • Savings, Debt and Budgeting

Our experience in the provision of financial tools, calculators and advice software provide us with the ability to provide our clients with peace of mind that their tools are accurate and compliant with regulatory requirements.  Our actuarial accreditation service involves the formal testing and actuarial sign off that financial tools/calculators and in-house spreadsheets/ models have accurate calculations and meet ASIC requirements.

Our actuarial experience and unique PHOEBE Application Programming Interface (API) provides superannuation funds with benefit projections for their individual members utilising either the ASIC Class Order or tailored projections using the superannuation funds’ own assumptions.

Rice Warner provides a cost effective and compliant solution for helping superannuation funds deliver engaging and personalised projections relevant to the member’s unique characteristics.

Rice Warner has developed a strong FinTech consulting capability, acquired over many years and many implementations in the digital advice arena.

Our FinTech consulting services include:

  • Business and actuarial analysis, specification and coding (Java) on digital advice projects
  • Rice Warner system accreditation – Actuarial testing and sign-off of digital advice solutions
  • System reviews and benchmarking (administration, financial planning, digital advice tools etc.)
  • Consultation on projects to assist in the design of the advice workflows supporting goals-based advice.