The technology company announced today (September 23) it had rolled out open banking to all adviser customers in a move it says will enable them to “provide their clients with a holistic view of their entire financial portfolio in one secure place”.
Open banking gives advisers access to client account information traditionally hard to get to, including held away assets the client may not know about.
It provides the adviser with accurate, up-to-date data on a clients’ incomings and outgoings from current accounts, credit cards and savings accounts, which Intelliflo says can “streamline” the fact find and enable a more “holistic” financial planning process.
In just three weeks, advisers with access to clients’ accounts through open banking uncovered £20m worth of hidden assets.
Intelliflo's version, the 'Personal Finance Portal', also provides benefits to clients.
Clients will receive a detailed view of how and where they spend their money, can set up monthly budgets and spending within categories and set up notifications for certain spending habits.
Nick Eatock, chief executive of Intelliflo, said: “Financial planning involves more than just advising on investment and mortgage products, it takes into account a number of factors that contribute towards a client meeting their short and long term goals.
“Open Banking technology gives advisers the ability to assess their clients’ entire financial portfolio and provide holistic advice based on accurate data. This technology is revolutionising the financial services industry, delivering new products that enable people to better manage their money.”
Mr Eatock added that holistic financial planning had become “more important than ever” as the country entered a recession, noting that many would be relying on their adviser to keep their finances on track to meet their long-term goals.
He said: “We look forward to developing this functionality even further with plans already in place to incorporate new features.”
Intelliflo has initially integrated with Barclays, Lloyds Banking Group, HSBC and its subsidiaries, RBS and its linked banks, Nationwide, Santander, AIB Group and Bank of Ireland.
TSB, Tesco Bank, Metro Bank, American Express and Clydesdale Bank will be added next.
Will Palmer, director and financial Planner at Ethos Financial Solutions, said: “Open banking certainly makes the portfolio much more relevant.
“Many people have accounts with more than one bank, so having the information in one place makes it much easier to check balances, transactions and total spending patterns. It’s fantastic that the information also downloads automatically rather than re-synching with the bank.”
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