Iress inks partnership to embed AI across platforms

Iress will partner with global technology consultant Thoughtworks to modernise its core platforms through embedding artificial intelligence (AI) and enhancing the value of its proprietary data.

The partnership will help design data-driven features that reduce manual effort, improve adviser productivity and support new revenue opportunities for wealth providers, Iress said. The changes will be brought in a staged manner that avoids high-risk replatforming.

It said clients will begin to see the benefits in the second half of 2026.

Iress group chief executive and managing director Andrew Russell said: "Our partnership with Thoughtworks is a deliberate step to accelerate Iress' strategy through modernising our software and embedding practical, ROI-led AI capabilities."

Russell noted clients are increasingly operating in complex and regulated environments where speed, insight and efficiency matter more than ever.

With this partnership, Russell said Iress is accelerating how the platforms evolve while maintaining the core of what clients value: reliability, usability and the depth and flexibility needed to support complex advice.

Iress will implement the changes, starting with Xplan, its software offering for advisers to manage client operations.

"It strengthens our ability to deliver better outcomes for clients, while driving faster innovation, improving the speed of delivery and reducing the cost to serve. It also positions Iress to capture new long-term growth opportunities in global wealth management," he said.

Iress said it will have a disciplined spending of around 5-7% of revenue on the R&D.

Thoughtworks managing director for banking, financial services and insurance Wayne Te Paa said: "We are proud to partner with Iress to accelerate its ambitions as a modern, AI-enabled software platform."

"By combining Thoughtworks' expertise in technology, product and AI with Iress' strong market position and data assets, we are helping build a platform that enables wealth providers to better serve their clients and compete in a rapidly evolving market," he said.