February 15, 2018
Introducing Quovo, Our Newest Technology Partner
We're delighted to introduce Quovo, Appway's newest technology partner. Quovo is a data platform providing insights and connectivity for millions of financial accounts across thousands of institutions. Today, hundreds of platforms and millions of end-users rely on Quovo's technology for account aggregation, bank authentication, and ongoing insights to build better financial futures. Quovo's Connect technology—an easy-to-use tool for embedding account aggregation and bank authentication into web or mobile apps—is available as part of our Onboarding for Wealth solution.
Integrated via a robust API, Quovo Connect is set up to handle multi-factor authentication: Customers just enter their credentials and the API does the work for them. It provides an elegant user experience—both for developers wishing to integrate Quovo's service-oriented technology, as well as for end users.
These days, it's not unusual for individuals to have multiple accounts with multiple banks. During our webinar, Data Aggregation & the Future of Wealth Management, 85% of the attendees we polled confirmed this fact. The main reasons why they had switched to another bank were varied: 37% said they weren't satisfied with the products and services offered by their bank, while 32% said it was due to changing life circumstances. The rest chalked it up to either being unsatisfied with the customer experience, or with their returns.
As individuals increase the number of banks or other financial institutions they interact with (and the number of accounts they hold), the disaggregation of data within the financial services industry has therefore also spread.
How can you then provide a holistic overview of users' accounts and assets? Data aggregation. Data aggregation is already a reality in the US, and the impact will soon be felt in the EU, as the revised Payments Service Directive (also known as PSD2) was required to be written into national law in January 2018.
The UK's Competition and Markets Authority's Open Banking initiative similarly enables personal customers and small businesses "to share their data securely with other banks and with third parties, allowing them to compare products on the basis of their own requirements and to manage their accounts without having to use their bank."
European banks can learn from the developments and intelligence gained by Quovo's experience with US financial institutions.
In future, banks will not own their clients' data: clients themselves will.
Being able to skillfully orchestrate data, processes and user experience to provide seamless financial services is now that bit easier thanks to the Appway/Quovo partnership.
Silvia SegaleProduct Marketing SpecialistAppway