Aggregation
Candlefocus EditorAggregation is the process of collecting data and information from various sources – like multiple bank accounts, loan balances, investment holdings, etc. – and combining it into one central source for easy access and review. In this way, financial advisors and banks can track customer investments, account balances, and transaction histories from many different sources in one single unified platform.
Aggregation can be extremely helpful for customers, who can now have a single, clear picture of their wealth. It also provides an added layer of safety for customers, as all of their financial information can now be tracked and analysed in a safe and secure manner. Financial advisors and banks are therefore able to easily track customer investments and other financial activities, while being able to provide the customer with accurate advice and information based on their financial situation.
Aggregating customer’s financial data isn’t just useful for the customer, however; it also offers a wealth of information that advisors or banks can use to better market their products and services to their clients. By having all of their customer’s financial data centralized in one secure platform, advisors are able to quickly identify gaps or opportunities in their customer’s financial plans, and offer the relevant services or products that could potentially fill those gaps. Through aggregation, advisors can easily detect discounts, tax advantages, and other opportunities that could help them increase their client’s wealth.
Overall, aggregation is an extremely useful process that offers a lot of advantages for both customers and financial advisors. Customers are able to have a single source for their financial data, and financial advisors can easily identify gaps in customer’s plans and offer products or services that could fill those gaps. Therefore, it’s easy to see why aggregation has become such an important part of financial management.