Bank CIC Launches “Next-Gen Robo-Advisor” Clevercircles

Bank CIC Launches “Next-Gen Robo-Advisor” Clevercircles

by April 27, 2018
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A new robo-advisor called Clevercircles has been launched by Bank CIC in Switzerland that promises more possibilities for investors and which brings a social aspect into online wealth management.

Developed in partnership with Swiss IT services provider ti&m, Clevercircles joins the ever-more-crowded pool of fintech solutions for investing and asset management available in Switzerland.

According to Swisscom and eForesight’s monthly Swiss Fintech Startup Map, there were 63 startups in Switzerland operating in the segment as of early April 2018. The number does not include the robo-advisor platforms provided by banks and financial institutions.

But according to Bank CIC, Clevercircles stands out from the crowd by introducing the concept of “social forecasting.” In addition to providing an affordable and simple digital solution for asset management like its competitors, Clevercircles allows investors to tactically adjust their portfolio on a regular basis and provides them with the option of joining forces with other participating individuals, groups and even professionals in “circles” to compare their market expectations.

Clevercircles team

Image: Clevercircles team (left to right) Johannes Nyfeler, head of operations and service, Sebastian Comment, managing director, and Nadja Burri, content and community manager (Sebastian Comment, via Flickr)

Clevercircles self-proclaims itself as the “first multi advisor” that allows the client to decide whose opinion is most important to them.

“Our multi advisor platform behaves like a classic robo-advisor […] but the experience is completely different,” Comment told Finanzprodukt.ch in an an interview

“Our customers want to decide for themselves, they want to be involved and not just spectator.”

The platform is introducing an entirely new user experience by leveraging gamification. Investors on Clevercircles can compare the quality of their market predictions with others both at the individual level and at the circle level.

Anyone who was correct in their predictions and had an above-average performance receives so-called experience points. Experience points can be compared in the form of charts and serve as the basis for rankings and trophies. The platform provides bi-monthly market assessments.

Clevercircles also offers new standards in terms of the range of options available for currency hedges. For the two most important foreign currencies, the euro and the US dollar, Clevercircles allows investors to decide whether and to what extend they want to hedge their foreign currencies against currency losses within the context of tactical restructuring.

Users are able to test out the platform for free with a test account. To start investing, users need a custody account with Bank CIC, which can be opened entirely online. For online identification, the client just needs to upload a copy of their ID, a photograph and a copy of a bill. The process is based on a two-factor authentication.

The minimum investment amount to get started with Clevercircles is CHF 10,000.

Clevercircles can be used within a variety of white label models of other financial institutions and, is also open to investment professionals.

 

Clevercircles: Der erste Multi Advisor und nicht ein weiterer Robo-Advisor

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