Tech stock Intiger Group (ASX: IAM) will carry out its first release of its BOOM2 software to clients next week via a phased roll-out on a client-by-client basis.
BOOM2 is Intiger’s latest back office management software product, which uses software robotics and artificial intelligence and incorporates the company’s previously released products: LiLLY, KLiP and BOOM as well as input from the financial planning sector.
BOOM2 was designed to assist financial planners by improving efficiency and eliminating many of the time consuming manual processes to produce industry-compliant financial advice.
When fully released, BOOM2 will reduce the human involvement in capturing client data and preparing the compliant Statements of Advice.
According to Intiger managing director Mark Fisher, Intiger consulted with its licensee clients while developing BOOM2 during the past two months.
“The financial planning progression is experiencing extraordinary pressure to address operational efficiencies and profitability and a lack of focus on back office processing and administrative costs is causing profitability to significantly drop for many practices,” Mr Fisher said.
“The work we are doing in the field of artificial intelligence and robotics and its applications to financial planning will continue to improve profitability and efficiency for practices and planners all over Australia,” he added.
The company claims BOOM2 will create value for its financial planners by enabling them to spend more time with clients, reduce administration and processing costs, increase profit margins and offer greater leverage with a decreased reliance on human resources.
BOOM2’s precursor BOOM was launched in late July 2017, which was an Australian first for the country’s financial planning profession.
BOOM was an easy-to-use and functional web-based platform, which Intiger claims flows through into this latest version.
Select clients will have access to BOOM2 starting from Monday 27 November, with a phased roll-out to continue on a client-by-client basis.
Intiger’s shares were up 10% at A$0.011 in late afternoon trade.