In recent years, there has been a growing discussion around the world about the merits of open banking.
For family offices, in particular, open banking presents an opportunity to revolutionise the service - level they are able to provide to their clients. Here is a closer look at how open banking can help family offices deliver an even higher level of service.
While open banking is still in its early stages, there is no doubt that it has the potential to change the landscape of financial services—particularly for family offices. By giving family office access to richer data sets and automating many of their manual processes, open banking has the potential to help them meet their clients' ever-growing needs—and deliver an even higher level of service in the process. Consequently, open banking should be something that all family office executives are keeping on their radar screens in the months and years ahead.
Family offices are facing increased pressure to provide a higher level of service to their clients. In today's hyper-competitive environment, Wealth Managers are expected to provide not only traditional investment management services but also a broad range of other services such as tax planning, estate planning, philanthropy advice, and more. And as clients' needs become more complex and their expectations continue to rise, meeting these challenges is becoming increasingly difficult—even for the most well-resourced family offices.
However, open banking could give family offices the support they need to meet these challenges head-on. By giving family offices access to richer data sets, open banking has the potential to help them deliver a more holistic view of their client's finances—including their investments, debts, expenses, and more. This would allow wealth managers to better understand their clients' risk profiles and make more informed decisions about where to allocate capital. Additionally, open banking could help family offices automate many of the manual processes currently eating up valuable time and resources.
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