Financial Services can be slow to adapt and resistant to change but a new age of technology innovation is happening with next generation platforms.
Platforms such as Hubwise, Seccl, Fundment, and Third Financial made their APIs available to allow innovation and new functionality to be developed for the benefit of advice firms and their clients. These platforms allow moneyinfo to connect and access a range of services enabling us to automate everyday processes such as onboarding, reviews and client reporting.
Time for all platforms to change.
Just like a supertanker, it can take larger platforms time to adapt and they can also be reluctant to pass data onto third party systems. Platforms will prioritise their developments based on market pressure and what will win them new business and possibly, although more slowly, react to what might make them lose business by adviser firms re-registering clients to newer platforms.
Sim Sangha, BDD at moneyinfo: “Platforms often say to us - ‘if advice firms aren’t asking for it, why should we do it?’ It’s most often our adviser users which put pressure on platforms to integrate with us.”
It's different across the pond.
US firms are more open to integrating and don’t wait for adviser pressure. They understand the benefits of integrating with the adviser eco system to make advisers as efficient as possible. Since the majority of providers think like this, the entry price for playing is having an open system.
UK adviser firms need to push for greater integration.
Greater platform integrations can fuel a range of benefits for advice firms which can include:
- Increased profitability achieved through quicker account opening, automated annual servicing processes and lower servicing costs.
- Enhanced loyalty through a stronger client experience delivering on demand accurate information and valuations to clients on any device.
- Increased compliance confidence with less human error through reduced data input, automated processes, and enhanced security.
- Operational efficiencies achievable through a reduction in time, cost, and resource required to complete a range of internal tasks, and reducing the paperwork produced in the business.
Where are we heading?
Sim Sangha, BDD at moneyinfo: “Advice firms are taking control over their investment and technology propositions and white-labelling platforms and best of breed technology. The platform has to be tightly integrated with their client portal and CRM so they have control over the full client journey and access to enriched management information across their whole organisation.
If your platform is not open to sharing its data with you then its time to put pressure on them to open up to innovation or time for you to join the flowing tide of money moving to a more flexible, integrated future.”
To find out how moneyinfo and your platform can automate your everyday processes for onboarding, client reviews and reporting click here to organise a personal demonstration.
 API – Application Programming Interface is a way that one technology can access and use the functionality of another system.