The Taten Financial DataHub delivers a single view of the customer and is the result of working with many of Australian’s leading financial services organisations during the past 18 years.

In working with these companies Taten identified a number of fundamental inefficiencies which plague this industry and which were brought into sharp focus with the full implementation and policing of the Financial Services Reform Act 2001 (FSR).

Simply stated, the FSR mandates that in any circumstance other than when a customer self selects a Retail Financial Services product or service, there has to be a confluence of three factors.

1. The full financial circumstance of the customer must be known and understood;
2. The advisor working with the customer must be qualified and authorised to discuss the product that is being offered;
3. The characteristics of the product being offered need to match the customer’s circumstances and needs.
    

These inefficiencies are the result of financial services organisations striving to grow their business in a compliant fashion while keeping their cost to income ratios in check.  The Taten Financial DataHub leverages the phenomenal growth and acceptance of the internet to address these inefficiencies by:

• Streamlining data capture,
• Improving information dissemination.
• Providing a single source of truth about the client

1. The shoe box syndrome

Before customers can get specific advice on a product, they need to declare their full financial picture. Assembling this information is typically a complex, time consuming and at times embarrassing experience - akin to having everything thrown in a shoe-box under the bed.

2. The printing press syndrome

Once a customer engages with a financial advisor and wants to make changes to their financial situation or apply for a range of products or services, they are confronted with the task of having to fill out multiple forms. Often they have to repeat in handwriting, the information they have already provided.

3. The multiple log-in syndrome

Having successfully taken up a range of products, if the client wants to maintain an up to date picture of their financial circumstances, they often have to log into multiple systems and remember and maintain multiple log in details and passwords.

4. The file replication syndrome

As each advisor is now limited to providing advice and products for which they are specifically qualified, there is a much greater need to cross refer the customer to specialist advisors. As each third party advisor also needs the customer’s complete picture, files need to be replicated, kept up to date and disbursed at great effort to either the advisor or the customer.

5. The serial sales

As advisors are under more pressure to deal with compliance issues, there is less time available for them to be in the marketplace looking for new customers. To compensate, financial services companies either need to employ more support staff or spend more on advertising.

6. The serial purchase

The financial services industry has long strived to “cross sell” product and services when the customer is engaged with what is increasingly becoming the highest cost distribution channel. This goal to make the direct selling channel more efficient, is further removed with the additional burden of the current compliance regime.

7. Data mining and shotgun marketing

Financial services companies have invested huge sums in developing data warehouses and data mining techniques as the basis for developing out bound marketing campaigns. Under the new legislative requirements, these sales messages are constantly being diluted as a significant proportion of the media spend now has to be taken up by the disclaimer information. This highlights the need for a more efficient method to get the message across.

8. Analysis and market research

Analysing how a customer interacts with an online service is important not only from the persective of measuring a return on investment, but also to understand how better to serve those customers.  Information from real-time data analysis provides simple but cost effective market research.