Technology Innovator Awards 2017

18 Corporate Vision / Technology Innovator Awards 2017 , moneyinfo limited is a private fintech firmbased inHenley in Arden, Warwickshire. We spoke to Business Development Director, SimSangha to find out more. Best Account Aggregation Software Provider - UK Since 2009, moneyinfo limited (formerly Sammedia) has been developing client portal technology allowing aggregation of investments, insurance and pensions alongside a client’s personal finances, all under a single login. It is deployed via financial advice, wealth management and workplace/ employee benefit consultancies. Sim explains the firm’s mission and how it works towards achieving this: “Here at moneyinfo, our mission is to help advisers deliver their advice to more people, more cost effectively and help solve the ‘advice gap’ that has been created by regulation. Millions of people need quality financial advice but they may not value it or cannot afford to access it given the status quo. We aim to make it easy for everyone to bring all of their finances into one place and then access advice as and when it is required or as identified via the aggregated data. A large part of the cost of advice is in gathering the data and we are removing the friction (and therefore cost) which exists in the traditional way of obtaining advice”. “The financial advice industry is going through a transformation, particularly in terms of interacting digitally with end customers. It is one of the last industries to digitize and moneyinfo is identified as one of the key fintech enablers in showing businesses in how they can deliver a large part of their existing services via the web and mobile. We not only help businesses meet their clients’ digital expectations, we also solve business problems by removing costly processes and helping firms clean up their back office data so it can be accessed and updated in real-time on any device. “In addition, we also recognize that consumers (no matter their net worth) want to make their lives easier. We all like Apple, Amazon, Uber and contactless payment for that very reason. What we do not want is automated queuing systems, multiple logins and lots of paperwork to file away. A lot of this exists in financial services but our client portal technology reinvents how FS businesses connect with their end clients and delivers a more convenient simpler experience.” The UK fintech scene is being influenced by government driven initiatives making data standards easier to access from financial institutions. Consumers need access to their own information in easy machine readable and accessible formats. This is good news but progress is slow and FS providers are defensive in sharing data. Sim explains how the firm is adapting to these developments. “moneyinfo has developed its own IP rather than wait for the industry to get its act together. Not only can we aggregate personal finance accounts, we also aggregate medium to long term financial assets like property valuations, investments, savings and pensions as well as the associated paperwork we accumulate on a day to day basis. We find that this appeals most to high net worth wealth management firms who are servicing complex individuals as it is a major overhead in consolidating everything for a net worth or family balance sheet position. “Additionally, we are ‘agile’ in our approach to development so we can release new functionality quickly and refine it along with our key clients in regular intervals in order to meet their own objectives. “We are also constantly looking at new innovative ways to accelerate adoption amongst our user base through digital/viral marketing and ‘reasons’ for the end consumer to log in more frequently and complete more of their financial profile over and above what their adviser knows about them. Most of our competitors only focus on their ‘silos’ of service and what they want to get out of the consumer, rather than look at building what the customer actually wants and needs. We have strong anecdotal evidence that there is demand for our service and this is being reflected in our adoption rates.” Looking to the future, Sim explains that moneyinfo is keen to realise its overall objectives and build upon its current success. “Our ultimate aim is to create a digital marketplace between consumers and financial services companies offering advice and solutions so people can choose how and when they are serviced, and this will be the key to our future. “To achieve this we are eager to raise our profile in order to benefit the UK Consumer. Good technology ultimately makes your life easier and we do that by bringing a consumer’s finances all into one place, under a single login on any device. No other company can currently do this.” Email: [email protected] or [email protected] Web Address: Address: Forward House, Henley-in-Arden, Warwickshire, B95 5AA Telephone: 03303 600300