Iress and Thoughtworks partner to modernize wealth management with AI
Iress has teamed up with Thoughtworks in a multi-phase partnership to upgrade its wealth management technology. The collaboration will focus on modernising software platforms and expanding the use of artificial intelligence. Both companies aim to improve efficiency and create new opportunities for financial advisers. The partnership will centre on Iress’s Wealth division, with Thoughtworks providing advisory, engineering, cloud and design support. A key part of the initiative involves introducing Thoughtworks’ AI/works development platform, along with customer experience and product design capabilities.
The programme has four main priorities. These include updating Iress’s technology operating model, developing new products for advisers and wealth providers, modernising applications, and integrating data and AI tools more widely. The goal is to simplify Iress’s technology architecture, speed up software delivery, and embed AI-driven features into its products. Iress will roll out changes in stages to minimise risks linked to large-scale platform migrations in regulated markets. Andrew Russell, Group CEO and Managing Director at Iress, highlighted the need for speed and efficiency in today’s complex financial environment. He described the partnership as a deliberate move to modernise software and introduce practical, ROI-focused AI solutions. Wayne Te Paa, Managing Director for Banking, Financial Services and Insurance at Thoughtworks APAC, added that the collaboration would help Iress become a modern, AI-enabled software platform. The initiative also seeks to boost adviser productivity, cut down on manual tasks, and open up new revenue streams for wealth management firms.
The partnership will bring Thoughtworks’ expertise in AI, cloud, and design to Iress’s wealth management platforms. Changes will be implemented gradually to ensure stability in regulated markets. The focus remains on improving software performance, adviser tools, and data-driven capabilities.
