Westpac trials aggregation service
Westpac will trial an account aggregation service for its banking clients as part of a larger strategy to provide financial services online.
The service has been running internally within the Westpac group and has been offered to 1,500 clients in a test which is expected to conclude in February next year in time for a wider rollout after that date.
Westpac head of e-strategy Harry Wendt says it will not see or hold any of the data of clients but will be software driven, with each user retaining all personal data on their own computers.
This system was first used in Australia by account aggregation group E-wise. Wendt says Westpac’s system is based on E-wise technology and software.
Wendt says while there has been some demand for such a system, the group hopes that customer use will reach around 10 per cent of it 1.2 million registered online banking users.
He also says the service is being considered for wider applications, dependent on regulatory issues, but hopes clients would use it to provide a consolidated report to advisory staff when seeking financial advice.
AUTHOR
Jason Spits
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
