Finding investment solutions is still a long and arduous process but today’s technology can simplify and accelerate this step.
There is no doubt that legacy financial organisations are trying to develop technological solutions, given the considerable administrative burden required to start a relationship, which is still long and costly. Existing solutions force the client to repeat the whole process every time they want to open an account, as the financial players have not managed to pool and standardise methods. What is more, few external solutions offer an overview of a client’s life including external validation of data and a risk rating.
Planet of finance offers a single solution to overcome this problem: Money-ID. With this financial passport, investors makes can begin dealing with financial institutions in no time at all, by having their certified client information centralised in a secure digital space, available for sharing. No more paperwork is needed to invest. Starting to invest becomes quick and easy.
In this case the innovation not only affects the technology but also the approach. “We have redesigned the way information is collected, as well as how it is checked and monetised. The solution we have developed puts the investor at the heart of the system, allowing them to create their financial passport in under 15 minutes. The protection of the investor’s data is a key consideration, and the data is secured and encrypted. What is more, the client can control their data. “Thanks to Money-ID, they remain the owners of their data and they receive compensation every time it is used,” explains Alain Broyon, partner at Planet of finance.
Quickly identifying a client’s financial profile is an important aspect of any new banking relationship. This step enables financial institutions to comply with the regulatory requirements and better understand their clients to develop the relationship more efficiently. However, it is still a complicated and expensive stage.
“Thanks to the artificial intelligence used in Money-ID, the financial profile established by the investor is analysed and verified to establish a rating identifying the degree of transparency and credibility. This solution enables financial institutions to easily identify and verify the source of a client’s funds by understanding their financial profile,” adds Alain Broyon.
The technology gets rid of the barrier to entry related to the costs of starting the relationship and makes new financial services available to investors.
Planet of finance is a financial platform used to find investment solutions. From searching for and selecting service providers, to referrals, authentication and starting the relationship, all these tasks can now be done quickly and easily on Planet of finance.
