InvestmentLink, Australia’s largest independent financial data source, today said it is developing a real-time compliance product that will give financial advisers and dealer groups immediate and ongoing compliance reporting. The product, Halcyon, will draw on InvestmentLink’s unique data platform and external data sources to provide advisers with a tool to manage potential issues as they arise.
InvestmentLink Chief Technology Officer Wayne Robinson said Halcyon will give advisers a complete and ongoing audit of client portfolios, and will do away with the need for onsite periodical or random auditing. “Not only does real-time reporting mitigate potential issues as they arise, it also does away with the expensive and inefficient need for periodical onsite client audits.”
“Halcyon will notify advisers in real time of possible compliance issues, offers “tickets” to action these issues, and monitor the client portfolio on an ongoing basis. For the first time advisers will have access to tools allowing them to address changes in individual client portfolios as they arise. They will not be reliant on the dealer group to manage their risk and compliance.
“If the composition of a client portfolio changes with market and individual product fluctuations, or if a client risk profile shifts due to changing personal situations, Halcyon will alert advisers of remedial actions that may be necessary,” Robinson said.
Halcyon is a data and rule driven system—flagging issues as they arise, giving advisers immediate visibility to potential problems. On top of this, the platform’s ticket delivery system will allow advisers to resolve queries promptly, ensuring ongoing compliance.
“Not only will Halcyon offer a streamlined cost effective compliance solution, it has the potential to end the reputational damage that individual advisers, through error or deliberate action, can inflict on a brand. The platform will not only offer advisers the tools to rectify potential issues as they arise, but for the first time dealer groups can track—in real time—individual advisers and their clients, delivering valuable risk management reporting at the dealer group level as well as to the individual adviser,” Mr Robinson said.
“Clients are demanding ever more sophisticated portfolios. At the same time, regulators continue to focus on compliance problems and are asking license holders to demonstrate stronger oversight of adviser activity. Halcyon will offer our clients a system to proactively monitor and manage client portfolios wherever they are invested,” Mr Robinson said.
Halcyon is being built around InvestmentLink’s unique data platform of over 600 direct and client authorised feeds.
One of the major challenges facing the emerging Australian fintech sector is the lack of a standardised format for accessing financial data. The complexities of accessing sufficient institutional and client data will be a major limiting factor for many of the fintech companies now trying to establish themselves in the Australian and international markets.
Earlier this month, in its statement on the fintech sector, the Government highlighted the need to increase data availability across the financial service sector, to allow new products and services to be developed and support new offerings made available to the market.
While supporting the Government’s initiative, InvestmentLink Chief Technology Officer Wayne Robinson said it needs to go further. “The Government has rightly highlighted the challenges that data access poses for the sector. Its focus, however, remains too narrow, concerned mainly with credit data. There is a wider emerging financial service sector that also needs access to sufficient data to prove its value.”
“The finetch sector as a whole needs better access to a broad range of financial data. Companies across the spectrum face the same challenges, of accessing data in an efficient and cost-effective way.”
“Currently, major financial institutions do not provide generic solutions to allow access to data, they develop one-off solutions for individual companies. This is an expensive process, and one that large institutions are reluctant to do for developing fintech companies, particularly for companies that have yet to develop a significant customer base.”
“The development of standardised access solutions, covering institutional data and allowing clients to authorize third-party access to personal transactional data, would be a major boost for the emerging fintech sector.”
“New fintech products promise to revolutionise how all Australian engage with their most important financial asset, their superannuation. It’s not only the 16% of Australians that currently use a planner that will benefit from better access to data. Better access to superannuation data will open up a whole new category of financial product – improving engagement, improving risk management and ensuring that Australian workers are receiving the most appropriate financial services for their specific circumstances.”
“We have been providing financial data to the market for over 20 years, and would be very happy to work with the Government and industry on developing protocols that would enable more efficient sharing,” Mr. Robinson said.
InvestmentLink believes one option to manage improved access to data could be through the establishment of an independent body charged with ensuring all firms are complying with established protocols.
InvestmentLink, Australia’s largest financial data source, today announced the launch of a new data service specifically developed for the growing fintech sector. InvestmentLinkRT (ILRT) provides software developers an expanded data link directly into their applications, allowing for the development of more holistic and engaging software products.
ILRT extends the range of data feeds already available through the existing InvestmentLink data platform, allowing users access to an unparalleled hybrid data source of over 600 direct and client-authorised feeds.
Client-authorised feeds will be delivered in minutes and will cover feeds that have until now been difficult to obtain, such as individual bank, mortgage, credit card, loan, term deposit, industry superannuation fund, self-managed superannuation and direct share accounts.
InvestmentLink Chief Technology Officer Wayne Robinson said the new service is the first of its type in Australia and fills an important gap in the market.
“Until now Australian software developers have been limited in their ability to integrate the full spectrum of client accounts into their products.
The ILRT service allows the integration of individual client-authorised feeds with the direct institutional feeds they already have access to through InvestmentLink. ”
“Our clients have been seeking access to this level of data for some time and we are pleased now to be able to offer this through an easily integrated feed. Software developers will now be able to enhance existing products and develop richer and more dynamic platforms for their clients. Ultimately, this will give advisers a deeper and more holistic view of client financial data, giving advisers new ways to engage with clients,” Mr. Robinson said.
The ILRT service adds to InvestmentLink’s existing data platform, which provides over 600 direct data feeds to wealth managers, dealer groups, software developers, accountants and tax agents.