Mogo continues partnership with Snowflake to advance wealth products

The company “intends to be on the leading edge of leveraging AI to help Canadians, especially Gen Z, benefit from new advancements.”

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Mogo, a Vancouver-based digital wealth and payment company, announced that it's continuing its partnership with Snowflake, a U.S.-based data cloud company. Mogo plans to use Snowflake's platform as the foundation for its wealth products to increase efficiency and deploy new AI applications to help consumers invest better, build wealth, and achieve financial freedom.

To date, the fintech company's products include MogoTrade, a commission-free stock trading app based on famed investor Warren Buffett's long-term approach to investing, as well as Moka, an automated saving and investing app that allows users to invest in the S&P 500 index — at a fraction of the cost when compared to mutual funds and wealth managers’ fees.

"It's clear that AI will be among the most transformative technologies we have ever seen and the impact it will have in the wealth industry will be significant especially for the next generation of investors," said David Feller, Mogo's founder and CEO. "The expanded use of AI ties to our objective to build the ultimate wealth-building platform for Canadians, which have trillions invested in the traditional wealth management space, yet the vast majority are not close to being on track for retirement because of underperforming, high-fee products."

Why Snowflake

More than 400 million SaaS data sets are siloed globally, isolated in cloud data storage and on-premise data centres. It's widely known that this can harm organizations in many ways. According to Gartner, on average, poor data quality can cost organizations an average of USD $12.9 million a year. It can also lead to missed business opportunities, staggering operations, and poor decision-making.

Snowflake has become a preferred solution given it allows organizations to store and analyze all data records in a single place — without resource contention. Along with the platform's ability to process enormous quantities of data with speed and efficiency, it enables organizations to securely share data across departments and with partners, suppliers, and customers. Snowflake can also handle multiple and disparate workloads — including AI and ML, applications, cybersecurity, and more.

What's next

Mogo hopes to be on the leading edge of leveraging AI to help Canadians, especially Gen Z, benefit from new advancements in investing. This, of course, is a huge undertaking given that both traditional banks and other fintech companies face increasing pressure to innovate with AI.

What may continue to be a significant driver in setting Mogo apart is its longstanding mission to focus on serving a younger demographic. According to a report by Marqeta, a card issuing and transaction processing platform, over 50 per cent of younger consumers want generative AI to help them manage their finances.

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