API offerings A good account aggregation software solution offers a variety of APIs to account for the myriad use cases of financial advising and account aggregation.
Your account aggregation software should offer: Account Verification API — The platform should have a verification processes that is fast, efficient and secure that will activate users now — not later. This process will securely confirm available funds in accounts in real time before funds transfer, helping reduce abandonment during consumer onboarding for funding events.
Categorization — Your account aggregation software should have a transaction categorization engine that analyzes and categorizes each incoming transaction. For example, if you know that a particular merchant is a restaurant, a credit card transaction from that merchant can automatically be categorized as a restaurant. Categorization creates deeper customer insights to allow you to provide more targeted offers and services to your customers.
Geo-Location — Geo-location allows you correlate transaction details with physical locations, such as a merchant name to an address. Why Yodlee? Other key advantages of our account aggregation software platform include: Bank-level security and compliance Modern RESTful APIs Reduced latency and response times Simple integration Responsive framework for any device Sample APIs, sandbox tools, and other developer resources Out of the box UI integrations for linking accounts Transaction data enrichment for transaction clarity.
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It also lets you better assess their growth potential as a client. It should be easy for you to invite prospects and for them to set themselves up. A good test is how many clients complete the setup. Ask for usage statistics to test this. Aggregation should be simple for the advisor as well. In some aggregation systems, setup and operations can be labor and time-intensive.
It can take weeks just to review and buy a new system. Good aggregation systems should only take minutes to set up. The provider should include other vital systems such as a client portal, document management, invoicing, and reporting. These are relevant as your clients get a consistent and more straightforward user experience which means a reduced client learning curve and the elimination of many support calls.
Ask if the technology is an open system. Great new CRM and financial planning systems have emerged in the last couple of years. Acquisitions have changed the landscape. We want you to have the flexibility to take advantage of this innovation and do what is right for your business. Look for an open API that allows for deep integrations without manual work.
The result is flexibility and a great user experience. The truth is no system will have perfect coverage nor integration with every possible vendor, but some are better than others. Some make it simpler to create new integrations. A simple integration process means that you will get access to new systems faster. This is key to your future flexibility. Blueleaf tip: Integrations are good, but the number of integration partners alone may be misleading.
An integration for some vendors means being able to move data manually. Ask if the integrations are automatic, and then ask how long it takes to add a new integration. A long integration time means that the process is expensive for both sides of the integration. The story behind that is outdated technology.
Fast and inexpensive means more integrations with more functionality. Most retail accounts, passwords, and security questions expire. Once the credentials expire, it will stop the flow of data into the system. This process can create a massive operational headache for the advisor. Some systems expect the advisor to solve the problem. Ultimately, this game of back-and-forth can turn into a daily task for an advisor, creating work rather than relieving it. The aggregation system should alert the clients and give them a simple update process.
No advisor involvement is needed. Account aggregation can turn into aggravation. Ask the vendor what steps they take to make aggregation hassle-free. They should include the following.
Expect personal help with implementation so you can get the most from your investment and the platform. From communicating with clients to helping you understand how other advisors use the platform successfully, having a true support partner is critical to success. Make sure that your vendor deals with all client issues as part of their service. Simplicity is cultural. It is not just in the usability of the product. It needs to be present in every aspect of dealing with the product and the vendor.
You want simplicity in technology, in the business relationship, and support. Look for a solution that is easy to trial and simple to set up an account. Blueleaf tip: Look at the company behind the product. Are they burdened by a large company mentality or lean and agile? Do they have complicated contracts?
What are the long-term obligations? Does the vendor have hefty minimums? Buying aggregation services should be as simple as the service itself. It is time-consuming. An advisor should never see or have access to client credentials. Most advisors must follow standards of conduct in varying degrees. This means an extensive paper trail of historical account data from held-away accounts. Your aggregation system should let you grow without requiring an army of people to maintain records.
The key to a successful advisory business is focusing on what matters — making your clients happy with your service as soon as possible and providing support. The right aggregation system will allow you to do those things better than anyone else out there. The scraping process is quickly overwhelming the servers of popular banks, creating a website slowdown.
Prone to hacking: Banks have struggled with identifying the difference between account aggregators logging into an account several times and often confuse it with hackers to give the latter an easy pass. This may even hurt client relationships as consumers may face account lockouts if there have been too many failed attempts to log in.
Consumers are caught in the middle of this tussle as they may see inaccurate data or may not be able to access their financial data at all. The need of the hour is to develop an application programming interface API designed to handle data requests by the account aggregators. By routing account aggregation requests to an API rather than a website, slowdowns and the risk of exposing login credentials can be prevented. Account aggregators in India Indian banks are also gearing up to launch account aggregators.
The first account aggregator to receive their license in India is Onemoney. An account aggregator ecosystem, as envisaged by the RBI for India, would be a platform for financial services companies to reach out to the consumer and seek consent for using their personal data to optimise their product offerings.
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