Sanlam Fintech marks a year of innovation with AI Coach

Cape Town - Google has X, Sanlam has Sanlam Studios. This brand-new hub of innovation and creativity forms part of Sanlam Fintech – now one year old and continuing its mission to transform financial services delivery across Africa. To deliver on this promise, Sanlam Studios has launched its groundbreaking AI Coach – a generative AI tool to enhance financial inclusion and literacy by offering 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."

Meet the Coach

Peter Castleden, Chief Executive: Sanlam Studios, reflects on the progress made over the past year: "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 many companies focusing on back-office AI applications, Sanlam's FinTech cluster decided to boldly test the waters at the client-facing level. The AI Coach, one of Sanlam Fintech's flagship innovations, began its development last November. Within just four months, an internal beta was launched, quickly followed by a public rollout.

This coach seamlessly 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 quickly and with confidence.

So far, 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," adds 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, the AI Coach has generated around 3 000 business leads and achieved conversion rates three times higher than traditional methods.

The coach has also been adapted as a first-of-its-kind for Sanlam's recently launched brand campaign, The Dirtiest Word, which aims to get people speaking about the 'F' word – their finances. 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.

Castleden adds, "The power of this tool is limitless. 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."

Continued Innovation and Commitment to Financial Inclusion

Sanlam Fintech consolidates a wide range of digital-first offerings under one umbrella creating a comprehensive digital ecosystem that drives growth through seamless, direct client engagement. Currently, it is focusing on seamless 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 continues to expand its offerings to meet evolving client needs.

"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" says van Dyk. "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 remains committed to expanding its digital-first ecosystem and exploring new avenues to enhance client engagement. Building on the success of the AI Coach, the cluster is developing additional tools, such as integrating AI capabilities with popular messaging platforms like WhatsApp.

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