AMP Advice partners with open banking fintech
AMP Advice has partnered with fintech firm Frollo to provide advisers and their clients with access to its open banking technology.
Advisers in the AMP network could now select Frollo’s Money Management Services as part of their licence package and provide clients with access to a practice-branded version of Frollo’s app.
Clients could then use the technology to create an aggregated view of their financial position and utilise Frollo’s money management capability, including spending visualisations, loan details, budgeting, financial goals and smart insights.
It would also allow advisers to access a user-friendly view of their clients’ financial information and circumstances, helping to streamline the advice process and enable more efficient “fact-finding” by removing the need for clients to manually input data.
Under the Consumer Data Right, open banking gave consumers the right to securely share data between service providers. Benefits included that data access was only possible through accredited entities; authenticated API connections provided reliable data access; and data could be delivered in real-time.
Matt Lawler, AMP adviser director, said: “Our partnership with Frollo is part of AMP’s strategy to partner with leading fintechs to provide best-in-breed technology solutions to customers, advisers and brokers.
“It reflects a commitment to providing our advice network with a contemporary and market-leading service proposition, which supports the delivery of high-quality advice and broking services.
“Frollo’s technology streamlines the advice process and provides more opportunities for advisers to help their clients. Importantly, the tech platform also sets clients and advisers up to take full advantage of open banking as it evolves into other financial products in the coming years.
“Technology will play a central role in delivering quality advice to more Australians, and we’re committed to providing our network with access to the latest and the best.”
Frollo’s chief customer officer, Simon Docherty, said: “This partnership validates what we’ve been saying for a while now, that the trusted adviser model will drive a lot of the adoption in open banking this year.
“Financial advisers and mortgage brokers are close to their clients and have a real need for efficient and secure sharing of financial information.
“We’re excited that AMP is innovating and offering our Money Management app and Partner Portal to their network, as it helps them build a stronger relationship with their clients and be more proactive with their advice.”
AUTHOR
Laura Dew
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