Leveraging bespoke artificial intelligence software, advanced analytics and data, the industry-first tax advisory solution will employ a new breed of accountants who will be empowered with reinvented technology and have the knowledge of both the finance and AI industries.
Using this next-generation technology, these financial consultants will be able to offer the highest quality customer service in both tax and financial advisory consultations — with the aim of achieving savings for clients on their taxes and insurance premiums.
They will also form the blueprint in establishing the first-ever Finance 2.0 industry.
“Together with Discovery, the Finance 2.0 industry will see the unique merger of accounting-, tax-, payroll-, insurance-, advisory- and banking services into a new all-inclusive financial sector, which will benefit the individual as well as the business taxpayer of South Africa,” says Osidon’s new marketing and communications manager Natania Pio.
For the customer, this means an integrated service with a holistic view of all products that impact individual tax as a whole.
Osidon believes the taxpayers are the country's backbone, and these services are centred around helping individuals feel less frustrated.
“Realistically, the country's economy will only be as resilient as it is with the taxpayer's contribution. Therefore, Osidon believes we must help individuals feel recognised and supported,” he said.
Hennie Ferreira, chief executive officer of Osidon, added: “We've always been committed to fighting for the wellbeing of every South African paying tax. No matter your income, background or where you come from, if you are a South African taxpayer, we need you to know that we've got your back.”
"In previous years, only the higher income banking clients received a family office personal banker. Through this revolutionised offering, we can now provide a one-stop-shop solution to any South African taxpayer, exactly like private banking services.
“For the first time, one consultant will be advising and assisting clients with all of their financial needs and cover the entire scope of the financial industry.”
The new venture will also create critical-skills job opportunities, as Osidon, the world's first online digital accounting firm, plans to fill 300 new positions in 2023 and a total of 1,500 positions over the next three years. Tax practitioners will be trained by both Osidon and Discovery.
“We are excited to be aligned with Osidon, experts in digital accounting, and look forward to offering innovative and integrated tax advisory solutions to our clients,” Callie Nel, Discovery South Africa's head of retail distribution said.
"The new solution and service offering will benefit not only the client, but also the employee," added Ferreira.
"Using the latest cloud and artificial intelligence technology, we are entirely reshaping how financial services are being delivered. For this venture, we are establishing a new breed of financial professionals who will be the face of this next-generation industry.”