Product Adviser  

Automated fact finds will save valuable time

Automated fact finds will save valuable time

Increasing numbers of companies are inviting clients to complete fact finds online in advance of meetings, so the discussion can get into what the client wants to know as soon as possible. 

Open banking will enable, with customer consent, the automation of these processes.

A great example is the new service from Visible Capital. This uses open banking to access the client’s financial accounts and extracts data to build an income and expenditure statement.

To do this, the adviser sends the client an email that explains the service and invites them to give consent.

At this point, in line with all open banking services, the client is taken to their own financial institution’s online service to provide consent for Visible Capital to access the data.

The system extracts the data and presents it as an income and expenditure statement to the client who can review and edit the information, then share it with their adviser.

The adviser is sent the assessment, or it can be saved directly to their own system. Integrations with Intelliflo, Iress and the CashCalc cash flow planning system are currently being delivered.

The service aims to leverage open banking to deliver a full wealth assessment, however, in the initial release, it will provide enhanced analysis.

This will save time for both adviser and client and deliver a better customer experience.

Ian McKenna is founder of FTRC