Fintech business Aveni has launched a new platform it says will help boost the productivity of advisers by up to three times.

The new platform, Aveni Assist, is an artificial intelligence (AI) assistant and will support the financial advice market on administrative tasks.

The aim of the new tool is to allow advisers to spend more time with their clients whilst the AI completes administrative tasks.

Aveni Assist has been designed to cut adviser administrative tasks down from three hours to around 30 minutes.

The platform has been developed Aveni's natural language processing experts, using the latest Generative AI, such as GPT.

It can undertake task such as attending meetings, writing investment reports, auto-populating customer relationship management systems, and creating tailored customer emails.

Chief executive Joseph Twigg said: "The advice side of the financial services sector has been slow to adopt technology over the years, resulting in highly manual processes and a high cost to serve.

"The introduction of safe and transparent large language models has the genuine capability to transform this. Aveni Assist is the start of this transformation."

He added: "The UK financial advice market is the perfect place to start. The combination of persistent productivity challenges and the fact that the UK market is so underserved (20 million people in the advice gap).

"Recent approaches to tackle the advice gap with technology have largely failed with the prime example being robo advice."