Open Finance Empowers Clients and Facilitates Advisor Discussions
An examination of the key dynamics in data aggregation for wealth in the context of open finance.
In banking, global online and digital payments companies are dramatically changing the way that individuals interact with money and manage their finances. FinTech apps are transforming the wealth business, and while data aggregation take-up is slower in wealth management, it appears increasingly likely as greater innovation comes to market. The term ‘open finance’ refers to consumers accessing all of their account data for banking, investment and insurance products. This financial freedom enables consumers to take advantage of new products and services regardless of their source, and the data allows financial institutions and advisors to better understand their clients. While US data privacy issues and reluctance among European financial institutions exists (EU regulation doesn’t include wealth), an eventual increase in investor demand will likely start to influence market dynamics.
Financial data aggregation providers are moving through a period of change. All eyes are on data privacy, protection and use. Regulators are active. Standard protocols are in motion. Acquisitions are changing the dynamics and resources of providers. FinTech startups continue to innovate and bring new ideas and options to end clients. The advisory business is competitive, and advisors are looking for differentiating qualities to provide value to investors. As market innovation creates product and service options that trigger opportunities for investors to improve their relationship with money, advisors can better differentiate their offers with data aggregation knowledge.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@chartis-research.com to find out more.
You are currently unable to copy this content. Please contact info@chartis-research.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@chartis-research.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@chartis-research.com
More on Asset and wealth management
