Smoother transfers are here with Tink Investments
In today's financial climate, it's important to reduce any barriers for consumers seeking better value products which suit their investment needs – that's where our new Investments product comes in. Read on to find out more.
In today's financial climate, it's important to reduce any barriers for consumers seeking better value products which suit their investment needs.
With Tink’s new Investments product, neobrokers and wealth managers can gain access to applicants’ investments and pensions data within minutes.
With this, they can access real-time, standardised account data in a smoother, more streamlined way – leading to higher conversion, reduced friction, and a more holistic view of a consumer's asset for net worth consolidation.
With investing being more and more accessible in the modern, digital age, it's important to reduce the barriers to entry for the millions of consumers who are entering this space. Brokers, neobrokers, and wealth managers should therefore be aiming to provide the smoothest onboarding process possible. With Tink’s new Investments product, these institutions could significantly upgrade their onboarding, reducing the time it takes from weeks to a matter of minutes.
What investing can look like for consumers
People will often receive a pension account with every place of employment, alongside their chosen investment provider, meaning that their investments can be scattered across multiple providers, and therefore difficult to get a net worth consolidation seamlessly. Consumers could also want to change providers in order to consolidate all of their investments in one place and/or to gain better offers.
Why can onboarding take so long?
If they do decide to switch, it could be the start of a weeks-long process. Customers have to figure out what account types they have, dig up relevant account numbers (often not top of mind), fill out a long form, and then wait for authorisation for the funds to be transferred in order to get started. As a result of this cumbersome process, there are high drop-off rates. And this is why we built Investments – to reduce the process from weeks to minutes.
Now consumers can change where they invest more easily and get better value products that suit their needs. Our new product allows neobrokers the possibility to increase their conversion and reduce friction, leading to happier customers.
Transfer of investments and consolidation of accounts are a key part of neobroker and wealth management businesses. With Investments, one of our customers has been able to increase conversion rates by up to 150%*, due to reduced friction. Investments can be bundled with Tink’s new Loans product in order to give a 360-degree view of the user’s assets and running liabilities, allowing for a full picture depicting the user’s net worth.
What it means for neobrokers:
Augmented UX for consumers – current methods today require long forms, however with Investments neobrokers are able to streamline the onboarding process, reducing friction for the user and reducing the back office time for the provider.
Increased engagement – Tink Investments provides a holistic overview, allowing the end user access to all investments and pensions in one app view, resulting in more time spent in the app and engagement.
What it means for wealth management:
More personalised wealth management – with access to investment accounts data, wealth managers are able to understand investing experiences.
Holistic overview – wealth managers are able to see a clearer view of all investment and pensions accounts.
How Tink Investments works
Our new product provides customers with investment and pension account data via a single API, enabling them to access the data instantly rather than days or even weeks. Investments includes different holding types such as funds, stocks, bonds and pension accounts. It can be embedded seamlessly into an onboarding flow, enabling the end user to select and authenticate with their bank in a secure manner. From there, Tink fetches the investment and holding account data from the bank's API and returns it in a standardised format. This results in customers being able to easily analyse the investment data of their users, unlocking multiple use cases such as transferring investment accounts from one financial institution to another, cutting the transfer time from weeks to minutes.
Investments is initially going live in Spain and Sweden, with other markets to follow.
We are able to fetch data from: equity, funds, pensions, and bonds accounts, including:
Account data – financial institution, account name, account identifiers (IBAN, BBAN, BIC)
Account holder information – holder name, holder role
Balance information – balances of the investment account
Holding data – financial instrument data, quantity, total value, holding return (cash, percentage), average acquisition price
Financial instrument data – type (fund, bond, equity, pension), ticker symbol, market identifier code, identifiers (ISIN, CUSIP, pension contract number), name, currency
This means that institutions and their users are able to rely on current, standardised, up-to-date information and methods rather than the outdated traditional ones where users are expected to fill in long forms in order to transfer investment accounts.
Verify with bank
All brand names, logos and/or trademarks are the property of their respective owners, are used for identification purposes only, and do not necessarily imply product endorsement or affiliation with Tink and Visa.
Want to get down to business?
Investment transfers and net worth consolidation can be done in a number of ways, but Tink’s Investments product uses data-driven open banking to do it in a quicker, more seamless manner that benefits the consumer too.
If you like what you’ve read and are looking to streamline your investment transfer and consolidation process, we’re happy to help - just get in touch.
---
*A customer of Tink was able to increase their conversion rate by 150% due to implementing Investments and allowing a smoother investment transfer.
More in Product
The ultimate guide for building the future of recurring payments
Variable Recurring Payments, powered by open banking, have huge potential for merchants and consumers in the UK. Read our VRP guide to find out how they work and why they are important.
Introducing Risk Signals: minimising fraud risk
Tink has launched Risk Signals, a rules-based engine that unlocks instant payment experiences while minimising risk – and already in use by Tink customers like Adyen.
How to create a winning Pay by Bank user experience
In this webinar our Tink team of Jaia Lloyd, Varun Atrey and Kevin Ward discuss how Pay by Bank (account to account payments) can vastly improve your user journey and demo how it works.
Get started with Tink
Contact our team to learn more about what we can help you build – or create an account to get started right away.
