Iress teams up with Thoughtworks on wealth tech

Iress has partnered with Thoughtworks to update core systems, streamline its technology set-up and support AI-related growth in its Wealth division.

Under the arrangement, Thoughtworks will contribute work in technology advisory, engineering, cloud and AI as Iress moves to reshape its wealth technology platform.

The project will also draw on Thoughtworks' customer experience and product design (CXPD) work and its AI/works platform as Iress shifts towards a modular structure with AI built in.

Thoughtworks APAC banking, financial services and insurance managing director Wayne Te Paa said: “By combining our strategic tech advisory and CXPD expertise with our agentic development platform, AI/works, we’re bringing Thoughtworks’ modern product and AI capabilities together with Iress’s strong market position and data assets. In doing so, we’re helping build an engine that transforms how wealth advisers engage with their clients.”

Iress said the partnership will centre on four main areas.

One area is operational performance. This will involve support for Iress’ technology operating model with the aim of raising quality, speeding up delivery and cutting complexity.

Thoughtworks’ advisory role is also intended to help Iress maintain technology operations in line with the standards expected of major software-led businesses.

Another focus is product development shaped by client needs.

The work will involve the design and delivery of data-based features aimed at reducing manual tasks, improving adviser efficiency and supporting new income opportunities for wealth providers.

Thoughtworks’ customer experience and product design (CXPD) capabilities will help unlock new revenue streams in an evolving digital wealth industry.

The partnership will also cover platform modernisation through what Iress described as a phased and modular method for updating applications, rather than large-scale replatforming.

Iress will combine this targeted approach with the use of Thoughtworks’ AI/works agentic development platform to speed delivery.

The fourth area is the use of data and AI to generate value. This will involve adding AI into the platform to make greater use of Iress’s proprietary data.

According to the companies, that is expected to improve decision-making and open up further sources of value for customers as the advice market changes.

Iress Group CEO and managing director Andrew Russell commented: “Our partnership with Thoughtworks is a deliberate step to accelerate Iress’ strategy through modernising our software and embedding practical, ROI-led AI capabilities. It strengthens our ability to deliver better outcomes for clients, while driving faster innovation, improving the speed of delivery and reducing the cost to serve. It also positions Iress to capture long-term growth opportunities in global wealth management.”

"Iress teams up with Thoughtworks on wealth tech " was originally created and published by Private Banker International, a GlobalData owned brand.

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