Sanlam launches financial AI coach

Sanlam Studios, a hub of innovation and creativity that forms part of Sanlam Fintech, has launched an AI Coach, a generative AI tool to enhance financial inclusion and literacy. The platform offers real-time, hyper-personalised financial guidance and support.

“The AI Coach is central to our commitment to democratise financial access across the continent.” says Riaan van Dyk, CEO of Sanlam Fintech. “By providing instant, personalised financial guidance, we are not only enhancing client experience but also driving meaningful growth for the business. It is an example of how we are delivering on our vision of a digital-first, client-centric future.”

Peter Castleden, chief executive of Sanlam Studios, says: “We knew from the outset that generative AI had the potential to transform the way our businesses operate. We decided to put this powerful technology directly into the hands of clients, allowing them to engage with Sanlam in new and exciting ways.”

Unlike companies that focus on back-office AI applications, Sanlam’s FinTech cluster tests the waters at the client-facing level. The AI Coach, one of Sanlam Fintech’s flagship innovations, began its development in November 2023. Within four months, an internal beta was launched, followed by a public rollout.

The coach integrates into the client journey. By utilising advanced machine learning algorithms, it anticipates client needs and offers hyper-personalised financial insights, enabling clients to make informed decisions.

The tool’s specialisation has been used in the Sanlam Credit Solutions business, guiding prospective loan seekers. A person gives the Coach permission to access their credit report and score, which it then analyses while asking further questions, and recommends products or actions to take based on the individual’s affordability and needs.

“What’s exciting about this initiative is our ability to learn and iterate rapidly,” says Castleden. “Initially, we were getting around 30 users a day, but a small adjustment – a pop-up suggestion on our credit pages – saw that number jump tenfold overnight.

“This proves there is real appetite for AI-driven advice, and we’re constantly refining the experience to make it even better.”

Since its launch, AI Coach has generated around 3,000 business leads and achieved conversion rates three times higher than traditional methods.

The coach takes on the role of digital companion, asking probing questions to determine people’s money personalities – based on seven archetypes researched by the group’s psychology department – to give insights into their money mindsets and to spark valuable conversations.

“The power of this tool is limitless,” says Castleden. “It also has the potential to provide critical behavioural insights to our intermediary partners. Clients could give permission for their money personalities to be shared, giving advisers an opportunity to offer more empathetic, holistic advice; deepen their client relationships; and drive better financial outcomes.

“This is especially crucial in today’s market, where trust and tailored guidance are essential to client retention and satisfaction.”

Financial Inclusion

Sanlam Fintech consolidates a wide range of digital-first offerings under one umbrella creating a comprehensive digital ecosystem that drives growth through direct client engagement. Currently, it is focusing on two-pot withdrawals, direct-to-client retirement annuities and an Easy Protect innovation with Easy Equities. The product launches are not limited to those listed above, as Sanlam Fintech expands its offerings to meet evolving client needs.

Van Dyk says: “At the heart of Sanlam Fintech is the convergence of a single ecosystem that incorporates financial guidance, rewards and digital product offerings to deliver the integrated digital experience that today’s client expects.

“We are building a single view of the customer that will allow us to serve hyper-personalised interactions at scale, ensuring that our clients receive a holistic experience tailored to their needs.”

Sanlam Fintech is expanding its digital-first ecosystem and exploring new avenues to enhance client engagement. Building on AI Coach, the cluster is developing tools like integrating AI capabilities with popular messaging platforms like WhatsApp.

“As we celebrate our first anniversary, the AI Coach exemplifies our dedication to digital transformation, financial inclusion, and responsible innovation,” says Van Dyk.

* Visit the Sanlam AI Coach website here.