That understanding of the customer's cash flows and balance sheet is a strong position from which to give customers guidance and to have an informed discussion to attract assets, pay into new products or transfer old ones.
This is not a futuristic view as our clients, including Standard Life/Phoenix and Scottish Widows/Lloyds Bank are already using open finance technology in workplace and retail settings.
Repositioning themselves from product providers to financial wellbeing firms brings revenue gains, slows attrition and provides a compliance dividend.
Serving the best interests of the customer comes from data insights and the data-confident firms are the ones that will set the consumer duty bar for all other open and closed books.
Vaughan Jenkins is managing director for partnerships at Moneyhub
