The fintech firm says Open Banking will give financial and mortgage advisers better understanding of their clients’ incomings and outgoings to “support Financial Planning.”
Open Banking - a system to share client banking information - will help with the accuracy of the fact find process, says Intelliflo, because planners will gain a full view of where clients’ money is held.
Three weeks since launching Open Banking, Intelliflo’s customers says they have already identified approximately £20m of ‘held away’ assets, the firm says.
Advisers’ clients can link their current accounts, credit cards and savings accounts to the Personal Finance Portal (PFP) to see their finances in one place and set monthly spending budgets.
Clients will be able to see transaction and account history of any account added, providing an analysis of spending patterns over different time frames.
Nick Eatock, CEO of Intelliflo, said: “Financial Planning involves more than just advising on investment and mortgage products, it takes in to 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.”
Ian McKenna, founder of fintech consultancy FTRC, said: “Intelliflo’s move into Open Banking represents a step forward in the way that people are able to access and interact with their finances and presents a huge opportunity for the adviser community to deliver better advice outcomes.”
Features for advisers include access to client account information, clients' account balances updated daily, transaction history (to be added shortly) to populate the income and expenditure section of the fact find and enabling a more holistic view for the adviser in terms of the FCA’s know your customer (KYC) rules.
Providers supported at launch include
- Barclays Bank (Personal, Business, Wealth and Barclaycard)
- Lloyds Bank, Bank of Scotland, MBNA and Halifax
- HSBC, First Direct and M&S Bank
- RBS, NatWest and Ulster Bank
- AIB Group UK and First Trust
- Bank of Ireland (UK)
Providers to be added next:
- Tesco Bank
- Metro Bank
- American Express
- Clydesdale Bank