PIMFA WealthTech and Morningstar Launch AI Tech Sprint to Drive WealthTech Innovation

PIMFA WealthTech — the innovation and network arm of the Personal Investment Management & Financial Advice Association (PIMFA) focused on driving technology adoption in the UK wealth and advice sector — has partnered with Morningstar, a leading provider of independent investment research and data, to launch a new AI Tech Sprint aimed at showcasing generative artificial intelligence solutions for the wealth management and financial advice industry. The initiative invites fintech firms to demonstrate how AI-driven technology can be applied across front, middle and back-office functions to enhance operational efficiency, accelerate client onboarding, improve compliance, customise client reporting and unlock new workflow automation possibilities.

The Tech Sprint reflects a broader industry focus on AI innovation, where access to high-quality data, robust generative AI frameworks and real-world use cases remain a key barrier to widespread adoption. Participating companies will have exclusive access to Morningstar’s Intelligence Engine, a powerful platform designed to support generative AI development — including analytics, evaluation tools and extensive data resources — with the winner invited to present at the Morningstar Investment Conference UK in May 2026.

Key Highlights

• AI Tech Sprint launched: PIMFA WealthTech and Morningstar have teamed up to launch a new competition focused on generative AI solutions in wealth management and advice.
• Objective: The sprint asks fintechs to show how AI can boost efficiency across end-to-end processes — from onboarding to reporting and compliance.
• Morningstar support: Participants will use Morningstar’s Intelligence Engine — a platform providing data, evaluation metrics and deployment tools for generative AI applications.
• Prize: The winner earns a slot to present at the Morningstar Investment Conference UK in May 2026, spotlighting their solution among industry leaders.
• AI-enabled use cases: Examples include automated onboarding and enhanced Know-Your-Customer (KYC) checks, personalised client reporting and automated compliance reviews.

What the AI Tech Sprint Is About

The AI Tech Sprint is designed to address barriers that many wealth and advice firms face today when adopting AI: data quality, evaluation tools and seamless integration capabilities. By offering open access to a generative AI development platform and a clear problem statement, PIMFA WealthTech and Morningstar are encouraging fintechs to develop and test solutions that could significantly reduce costs and improve productivity across industry workflows.

Participating firms will be able to leverage Morningstar’s Intelligence Engine, which provides:

• A reliable foundation for building, testing and deploying generative AI use cases
• Evaluation metrics to ensure model accuracy and reliability
• Access to Morningstar’s extensive data and research
• API and external content integration capabilities

This support structure gives participants a more practical and robust platform on which to develop industrial-grade AI tools relevant to wealth managers and advisors.

Why It Matters for Wealth Management

1. AI Adoption in WealthTech Is Still Early

While AI is increasingly discussed across financial services, many advisers and wealth managers struggle to get high-quality, use-case-ready tools into production. The sprint provides a structured environment where real industry challenges are translated into AI innovation opportunities, enabling fintechs to build and demonstrate solutions that could transform how firms operate.

2. Operational Efficiency Is a Priority

Legacy systems and manual processes continue to constrain productivity in many wealth management firms. AI solutions developed through the sprint could:

• Automate and enhance client onboarding
• Improve KYC and AML checks
• Personalise client reporting and communications
• Reduce human workload in middle and back-office processes
  These improvements could help firms focus more on client engagement and strategy rather than routine administrative tasks.

3. Collaboration Between Industry and Data Providers

The partnership between PIMFA WealthTech and Morningstar exemplifies how industry bodies and data firms can catalyse innovation. Morningstar’s Intelligence Engine — already noted for its use in advanced analytics and generative AI work across investment research and advisor workflows — could accelerate new wealth-centric AI applications.

Broader WealthTech and AI Landscape

AI adoption across the wealth management sector continues to evolve. Firms are experimenting with machine learning models to personalise client experiences, automate compliance and enhance analytics, but widespread adoption remains a work in progress. Against this backdrop, initiatives like the AI Tech Sprint help unlock practical solutions by aligning AI development with clear business outcomes and industry needs.

The sprint’s focus on operational efficiency, personalised reporting and automation mirrors broader trends where wealth managers increasingly seek tools that go beyond analytics to deliver tangible business impact at scale.

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