Madgwicks has advised Australian fintech company Ignition Advice on the launch of a new digital platform with the Bank of Ireland.
Ignition Advice technology will support Bank of Ireland customers across all areas of their financial lives, from financial wellness and saving, to investment and insurance. Scalable solutions allow the bank to offer digital financial advice to all customers, while the Ignition Advice hybrid model allows the bank to fully integrate digital advice with telephone or in-person experiences, as the customer requires. Ignition Advice delivers a custom-designed user experience, for maximum customer engagement.
Madgwicks assisted Ignition Advice from proof of concept to drafting and negotiating the final development agreement and supporting schedules to conducting face to face negotiations in Ireland.
Manish Prasad Group CEO, Ignition Advice said that “meeting the technology innovation needs and compliance standards required to partner with a tier one European bank is a significant milestone for Ignition and demonstrates our commitment to innovation and excellence.”
“Madgwicks provided our legal support from the outset of the project and have played a key role in shaping the deal, identifying and mitigating risk, and negotiating and finalising all contractual documentation. We were glad to have Madgwicks on board to assist us.”
Madgwicks’ lead technology Partner Dudley Kneller said that the firm was very pleased to have been able to assist Ignition Advice with this next phase of its expansion into the European market.
“The transaction was particularly challenging, with negotiations running over several months. The move into this market by Ignition Advice required a good understanding of complex data security obligations including under the General Data Protection Regulation (GDPR) as well as fintech regulatory requirements in different markets in the EU and Australia.” he said.
Ignition Advice was a finalist in the Banking & Technology Awards 2018 for Best Use of IT in Private Banking / Wealth Management and ranked number 1 for Innovation and Flexibility in the My Private Banking Global Report in 2018.