Solutions

Deloitte Digital Open Wealth Platform

The new accelerator in Wealth and Superannuation proposition delivery

The next evolution in wealth transformation is here! The Consumer Data Right act has opened a new world of data than enables consumers to securely share their data with trusted, authorised institutions to provide new and superior propositions.

The uptake of open data and open banking globally has seen rapid innovation in the FinTech space and is quickly accelerating the empowerment of consumers across borders and now is the time for Australia to take advantage of this new market innovation. In the Open Data economy, traditional product centric strategies will collide head on with emerging propositions that are firmly centred on consumer value.

Our team of designers, engineers and business strategists have created an accelerator platform to help organisations quickly leverage the new open data regime to deliver that value by accessing consented customer banking data. This provides customers with the view of their banking accounts in one place and facilitates the wealth management and superannuation services in enabling a distinctive offering to customers.

Open Banking is accelerating the consumer trend in moving away from incumbents and towards non-traditional banking options.

What type of organisations are people switching from?

Source: Deloitte, Open Banking: Switch or Stick? Insights into customer switching behaviour and trust, October 2019

The 4 key factors influencing this decision are:

  1. Trustworthiness and relationship building with customers.
  2. Engagement and regularly sharing information of offerings and new products to customers.
  3. Privacy and willingness of information sharing and use.
  4. Value and offering a clear, differentiated proposition that delivers value to many different types of customer.

Our Open Wealth Platform: The financial service proposition accelerator

We believe the Wealth and Superannuation industry is well placed to leverage their brand trust and consumer data to improve outcomes for members and customers through the consumer data rights movement.

The Platform’s three key ingredients

1. A ready-made technology platform: 

A software development kit with pre-integration of FinTech providers covering core capabilities like data aggregation and behavioural insights.

2. A mobile interface accelerator: 

A white-label mobile app front end to demonstrate the art of the possible through a set of use cases that connect directly to FinTech provider API’s and accelerates your offering build and delivery.

3. Consumer Data Rights aligned design and delivery best practices to enable a fast go-to market: 

Our team of industry, technology and data experts provide the guidance and delivery capability to create the organisational foundation to enable customer propositions to get to market.

 

Your journey to a fully integrated financial provider

Where are you

You’re a start-up or challenger brand and you are looking to move quickly and partner with industry experts to help navigate the regulatory environment while accelerating your product technology build and delivery.

You’re an industry leader or incumbent brand looking to solidify your position and create new and innovative propositions for your customers and need to move fast with a partner to help you navigate the proposition design and delivery.

There are three steps to building out from foundational to fully integrated,

Step 1. Aggregate

Provide customers with a single view of their financial data with the ability to onboard customer data, access and display customer financial holdings, balances, and transactions from multiple organisations on a single dashboard providing a summary of their total wealth and spending.

Step 2. Inform

Provide insights on customer transactions and behaviours to help them better manage their finances. This can range from spending summaries, identifying money saving opportunities to budget guidance and being able to allow customers to benchmark against people like them.

Step 3. Action

Enable customers to action these insights from personalised budgets, goals, and alerts all the way to executing through automated transfers/contributions between institutions, providing notifications of key activities and pre-populating new financial offerings.

 

Open Data, Open Banking is here – let’s get started

Find out how our Open Wealth Platform can help you launch a distinctive wealth
proposition faster. Request a demo with our team today.

Contact us

Angela Robinson

Angela Robinson

Partner, Deloitte Digital

Angela Robinson leads the national digital experience and technology teams for Deloitte Digital. As a Deloitte Partner specialising in Financial Services for the last 18 years she covers the end-to-en... More

Clinton Cunningham

Clinton Cunningham

Director, Deloitte Digital

Clinton is a Director at Deloitte Digital with extensive experience in the financial services and wealth sector. He has performed advisory and lead roles across program management, digital architectur... More