Original text here from Patrice Bernard (LinkedIn)
As the presentation of the future European regulation on financial data access (accompanying DSP3) confirms its expansion to all accounts beyond payments, Société Générale's insurance subsidiary appears to be laying the groundwork for its upcoming uses. However, there is still work to be done.
Naturally, account aggregation players, including Powens (formerly Budget Insight), involved in this initiative, did not wait for legislative decisions - which may take many more months or even years - to offer the ability to connect to consumers' savings and wealth information. This allows Sogeretraite's clients to integrate all their retirement and employee share ownership products into their application.
The goal is to provide users with a 360-degree view and tracking of their portfolio, regardless of the managers involved, through a simple and secure process, guaranteed by a well-known brand. This becomes highly important for beneficiaries in an era where job changes are increasingly frequent, and specific schemes abound, leading to an accumulation of assets scattered among numerous different providers.
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The initiative will certainly be welcomed by clients, but it seems quite rudimentary considering the extraordinary possibilities that access to the data in question allows. The first frustration is that a comprehensive view is potentially interesting but not very practical in reality for people who will use their savings in the distant future. Providing contextualized advice, on the other hand, would be more enriching, especially when considering mandatory scheme statements as well.
A second regret is that the choice to focus efforts on retirement is understandable for an institution whose specialty it is, but it is probably not aligned with the fundamental expectations of the customer. The customer would likely prefer to be assisted in all their major future projects, with retirement being just one among others, each with sometimes conflicting demands. The approach by financial silos hinders the quality of the advice given.
In an optimistic view, let's assume that "Mon Épargne 360°" is a trial run that Société Générale, as a group, will quickly consider expanding to provide its clients with distinctive added value in the era of open data and ultra-personalized relationships. Nevertheless, it is worth noting that the suggestions I am making here correspond to solutions that a few disruptors, including WeSave with its wealth management platform, have been offering for years...
