When FINIO captures data from Investment Platforms it reconciles the data, enriches it, normalises it – and then stores it. It does that for four very good reasons.
First, it means that FINIO retains and builds a full transaction history for all the policies available in FINIO. That means that a new Solution Provider – a new CRM, financial planning application, or portal application - can access the full history of an investment policies reported on in their application from the first day they go live. This significantly reduces a barrier to entry for new Solution Providers – thus enabling a more open and competitive industry of Solution Providers for the wealth management community.
Second, it means that FINIO can provide ‘on demand’ or ‘report ready’ data to those Solution Providers who don’t want to store large quantities of mostly redundant investment data. FINIO’s ‘on demand’ solution allows Solution Providers to request packets of data on an on-demand basis – e.g. all transactions and valuations relating to a specific policy over a given data range. In doing so FINIO hugely reduces the need for large quantities of investment data to be stored in multiple locations – reducing risk and industry infrastructure costs.
Third, it allows FINIO to provide a data feed (either bulk or on-demand) that includes aggregated or calculated data fields. Some Solution Providers want more than just flat files of transaction data – some need aggregated inflows or outflows, others need growth or performance calculations run on the raw data. Storing the historical data allows FINIO to provide this.
Finally, storing the data allows FINIO to provide Investment Platforms, Solution Providers, and, where appropriate Intermediaries with great first line customer support.