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
While model figures provide valuable insights on how advisers can draw benefits from managed accounts, Zenith’s head of portfolio solutions has argued that professional judgement and quality research are key to successful implementation.
While the number of financial services staff using AI has almost doubled in the last year, two surveys have revealed that fast-paced AI adoption has led to governance gaps and growing concerns about job security.
Entireti has partnered with Striver to connect graduates and job seekers with its advice network to support the placement of new talent.
ASIC has cancelled the Australian financial services licence of Ivy League Capital Pty Ltd, a firm authorised to provide advice in relation to managed investment schemes.
