Credas saw the use of its remote identity verification services increase by almost 30 per cent in the first few weeks of lockdown, according to chief executive Rhys David.
Conor Murphy, chief executive of mortgage software provider Smartr365, says digital verification is a must for advisers as it can be “shared seamlessly between all parties in an instant” – which has proved its value during the lockdown, allowing business to “continue steadily”.
Alessandro Tonchia, head of strategy at tech provider Finantix, says advisers should look to automate data collection where possible. Shareholdings and occupational history can be obtained from public sources such as Companies House, for example, removing the need for clients and advisers to spend time filling in forms.
Mr Tonchia also describes the concept of a “digital lounge”, where information “can be managed and shared among adviser, client and other relevant parties”. A secure communication hub like this can allow compliance staff to obtain information directly from the client while “keeping the adviser in the loop”.
APIs
Integrating these services with existing back office systems is crucial, says Alistair Wilson, head of platform strategy at Embark Group.
His firm’s Advance platform links directly to investment platforms and other data sources using APIs (application programming interfaces) to provide clients with “seamless online access”.
APIs allow mobile or online apps to talk to each other, and form the core component of Open Banking – the movement within the retail banking sector to improve the efficiency and transparency of consumer services.
They power banking apps such as Monzo and Revolut to help users manage their money in real time.
Improving integration and secure data sharing is “an important development for our digital solutions and the industry more broadly”, says Mr Wilson.
However, APIs cannot solve all integration problems, according to InvestCloud’s Ms Shamberg.
Instead, she says that ensuring all information is stored in one secure location – via cloud computing technology – allows for data and processes to be “automated and seamlessly integrated into all functions and applications”.
Future developments
More innovations for adviser-focused technology are on the horizon. Credas is currently developing a “virtual compliance assistant” with “advanced analytics” capabilities to improve reporting and fraud awareness, according to Mr David.
Totemic Group’s software subsidiary Paylink is testing the use of an information gathering product for use in the lending sector, including mortgage advisers, according to chief executive, Philip Rann.
The service will allow clients to upload bank statements, credit reports and other relevant information into a database that is then used to populate income and expenditure documents.
It is also designed to connect with a range of other client management systems, “creating a huge time save”, Mr Rann says.
