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4 Ways Asset and Wealth Managers Could Use Open Banking

See how banks can play an important part in the future of family offices by embracing open banking and finance concepts and practices.

jmrinfotechnology
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4 Ways Asset and Wealth Managers Could Use Open Banking

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  1. 4 Ways Asset And Wealth Managers Could Use Open Banking ©Copyright by Jmrinfotech.com

  2. It's no secret that Open Banking and Flexcube universal banking have been around for a while. Still, now that it's being seriously considered, it's no longer just wishful thinking about how it may affect advisors and wealth managers in the future. • ©Copyright by Jmrinfotech.com

  3. It's a significant shift in how digital may benefit from Open Banking in the future. We're seeing Asset Managers take stock of how this fits into their digital strategy. • Some examples of how Open Banking may improve the digital experience: • ©Copyright by Jmrinfotech.com

  4. 1. Simplifying Onboarding/Viability • At the beginning of the interaction between an advisor and a client, fact-finding/onboarding is essential. Even though the procedure of Flexcube implementation is lengthy, it is necessary and does consume a significant amount of time. The onboarding procedure might be more efficient and less labor-intensive if customers agree to connect their bank accounts. • ©Copyright by Jmrinfotech.com

  5. Rather than manually entering all of the information, the customer may simply check the data obtained using the new API (Application Programming Interface). Automating much of the fact-finding process would allow financial advisers to concentrate on value-added activities, such as learning more about their clients' aims and ambitions and leveraging digital technology to help them come up with innovative solutions through interactive tools and hypotheticals. • ©Copyright by Jmrinfotech.com

  6. 2. Dynamic Financial Planning • Consumers' purchasing habits, savings, income, and excess cash may be analyzed using banking data. A real-time collection of this data might shift the way financial planning is offered from a one-time, static plan to a more dynamic process that is automatically optimized when changes are noticed in the client's data. In response, the plan's risk or results are altered. For example, if a client's salary rises, their retirement cash flow plan might be automatically updated. Unless they interacted 'manually,' an Adviser would not have learned this information. • ©Copyright by Jmrinfotech.com

  7. 3. Financial wellbeing • Pension funds alone can't keep up with the growing demand from individual investors for more control over the ethics of their investment portfolios. This is also a motivator for enterprises to provide relevant investors with the knowledge and resources – such as digital portfolio modeling approaches – via online learning. Well-being seems to be a major emphasis for Advisers these days. • ©Copyright by Jmrinfotech.com

  8. There are several ways to leverage Flexcube to help clients make better financial choices by providing real-world case studies and assistance. There may be shifts in the type of advice given based on changing transaction data, such as when a customer becomes better at saving and ultimately leads to more complex investments, such as investment advice after they have built sufficient capital to move higher in the risk band or achieve the outcome set that they require. This information is all hidden without the tools to assist investors. • ©Copyright by Jmrinfotech.com

  9. 4. Personalised product recommendations for wellbeing • Advisers should provide personalized product suggestions and Oracle Flexcube if they have access to a customer's transactional data, which would reveal a wide range of variables, including income, tax, and debt levels. For example, current items may be made accessible at the right moment, or the product could be tailored to the customer's needs. • ©Copyright by Jmrinfotech.com

  10. Conclusion: • Consequently, the open banking environment allows an array of UX elements to create the greatest possible experience and journey that really defines the asset manager or advisory bran. When it comes to investment in technology (like Oracle Flexcube 14.x), connectivity, and data analysis, how do asset management and financial advisors perceive the long-term benefits of Open Banking? That is the big question. • ©Copyright by Jmrinfotech.com

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