Open Banking provides financial and mortgage advisers with a better and more realistic understanding of their clients’ incomings and outgoings to support financial planning. It assists the accuracy of the fact find process and helps streamline it to become more efficient. Furthermore, data provided by Open Banking helps advisers get to know the spending habits of their client and encourages deeper collaboration.1 Three weeks since launching Open Banking, Intelliflo’s customers have already identified approximately £20 million of held away assets.

Advisers’ clients can link their current accounts, credit cards and savings accounts2 to the Personal Finance Portal (PFP) to see all of 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 that they can categorise themselves3.

Nick Eatock, CEO of Intelliflo, comments: “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. This technology is revolutionising the financial services industry, delivering new products that enable people to better manage their money. As the number of consumers using Open Banking through money management apps is on the rise, and the quality of this experience is improving, we’re pleased to be bringing this into the financial planning process.

“Since we announced our plans to launch Open Banking at our Change the Game conference last year, holistic financial planning has become more important than ever. As we enter a recession, many will be relying on their adviser to keep their finances on track to meet their long term goals. We look forward to developing this functionality even further with plans already in place to incorporate new features.”

Intelliflo is registered with the FCA as an Account Integration Service Provider (AISP) which means that its Personal Finance Portal can connect clients with their banking account details. Linking accounts to PFP is quick, secure and done via the account providers own platform, providing an authentication journey the user will be familiar with.

Since adopting the Open Banking technology through Intelliflo, Will Palmer, Director & Financial Planner at Ethos Financial Solutions, adds: “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.”