Netherlands-headquartered
vendor, Figlo is co-operating with Netherlands-based National
Institute for Family Finance Information (Nibud) to develop a
financial platform that integrates all of a consumer’s personal
data in one place and connects these to financial
institutions.
The main goal of Nibud, a
member of the European Consumer Debt Network, is to fight and
prevent over-indebtedness and promote social inclusion in the
Netherlands.
Go deeper with GlobalData
The aim of the Figlo-Nibud
tie-up is to save time and keep the focus on providing financial
advice based on the client’s requirements instead of wasting time
gathering consumers’ personal information.
Clients can determine a
budget for a specific goal and calculate potential scenarios for
different circumstances, such as death or disability, with local
regulation and taxes taken into account.
Banks will have to sign up
for the programme and will, if the consumer approves, receive the
client’s data into their CRM or other relevant systems.
Albert van den Broek, CEO of
Figlo, told RBI that the vendor has responded to the
complexities of financial advice and planning by simplifying the
process and focusing on four core elements of financial planning –
have, want, need and do – the ‘Hawenedo’ principle.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“It is about what the client
has, what the client wants to achieve, how much money they will
need and what they need to do,” said van den Broek.
Customer-centricity is the
key factor.
“In the earlier days, we
offered a financial planning solution that is hard to understand
for the consumer as well as the advisor – such as reading-boards,
graphs, complex calculations. To bring to the surface a more
easy-to-use tool for the advisor and the consumer, makes it far
more interesting for both parties to be involved.
“Of course, it is still about
complex financial planning – but on the surface we make it easier
and appealing and only focus on the highlights of a particular
financial situation, such as retirement or insurance.”
Van den Broek emphasised that
the Have step of the principle sounds easy, but that it is new to
the financial industry.
“Usually, financial advisors
are focused on selling a particular product without taking into
account what the customer already has.
“In the Netherlands, a lot of
people save their old documents such as insurance in a shoebox. So
it is always hard to gather every piece of financial information
about the client and start a conversation with them. But one easy
way to pull such information from a customer is to look at their
bank accounts.”
Van den Broek emphasised that
the Hawenedo principle is compliant with local regulations
worldwide.
Figlo’s integrated platform,
which supports Microsoft’s technology, covers personal finance
management, financial product advice and personal financial
planning.
“This really sets us apart
from other suppliers. With the Figlo Platform you can instantly and
easily go from personal financial management to financial product
advice or the other way around.”
One half of the firm focuses
on financial planning, legislation and regulation, while the other
half develops the software.
The vendor has been in the
business for 15 years and includes Rabobank, ING and ABN AMRO among
its client Base.
The most recent implementation took place in mid-March at
ABN AMRO. The bank has deployed Figlo’s technology for its
Financial Diary, an online budget manager which automatically
categorises all transactions and allows adding accounts from other
banks.
