Hi, I’m Patricia from Harmoney and I would like to explain today why Harmoney can be the key to your financial happiness. One day we will all retire, some sooner other later. We all know that that day will come.
And we do feel a bit uncomfortable with it … Will we have enough money to keep up to our live standards? Today, our money on savings accounts is deteriorating because inflation nibbels the profits away and … our live expectancy is continously increasing. So would you feel a bit more comfortable if you had more insights in your current financial situation?
I would like to retire like this! With no financial worries, and certainly I do want to keep my life standards as I do now!
Schroders, an investment firm, conducted a large study beginning of this year where they questioned 22.000 people in 30 different countries to explore the financial expectations for retirement and how these compare to the experiences of people who have already retired.
Do you know that Belgians will only retain half of their final salary when they retire? And that they think that they need 75% to live comfortably once they are retired!
Only 33% of the Belgians consider their income sufficient to have a comfortable live! So what about the other 70%?
As they say knowledge is the start of all wisdom, so if we would have more insight into our current financial situation and could set a goal towards our needed financial situation at pension age, we know the pension cap that we are facing. Also, one important thing that we do know is the date of retirement. For most of us, still far away, luckily. And it keeps on being pushed back … So, with still a lvery ong investment horizon before us, we can start building up our retirement money, not with a savings account because that doesn’t help much, as I explained. But with investing!
And what if we can let technology help us?
Today we talk about API’s and Open Banking. But sometimes we forget that ’the purpose’ to use this technology is also important. Why do we need this information and what are we going to do with it! This purpose is clear for Harmoney: to bring you financial insight!
Harmoney has build a platform with one goal in mind: give you financial insight by letting technology work for you! It start with the identification: we plug-in existing technology like its me or the electronic ID card.
Then you can start building your financial overview: you can add your property, including mortgage loans with their maturity dates.
But here comes the open banking part: let the technology work for you!
Our developers have enable the platform that you can get your accounts, savings accounts, investment accounts, also credit accounts at your financial partners. this of course only with your consent! You need to log-in as you normally do with its me or your digipass or token.
So no hassle, with a few clicks you can build your financial overview.
I don’t know how many of you know the My Pension website? Each and everyone of us can consult their retirement money that they are entitled to. Better even, you can simply download it with one click and add it to your Harmoney financial overview.
And thanks to the financial planning tool, you will get insights in your financial situation, based on accurate data! The tool lets you to simulate all possible events in the future: the sale of your house or apartment, a donation you want to make to your children, a certain amount in travel money that you will need each year when you are retired …
And based on this holistic view on your current wealth and future wealth, you financial advisor can give your real tailor-made advise.
Moreover, your financial advisor will also be delighted! He will have more time you give you the best advice, because now all the time he needs to spend to assemble all this information, will be assembled by the platform.
Moreover, the compliance officer will be delighted as well!
Because all the paperwork and time that the financial advisor needs to fulfil in order to comply with legislation is now, not only registred digitally but stored and managed as the legislation dictates.
Because that is the goal of Harmoney, let the needed legal information work for you: and for compliance and for the front office, the advisors and private bankers.
Tak a look at this list! All these obligations need to be ticked and stored and reported and also updated!
That’s why Harmoney is the perfect end-to-end solution: reuse all the information that you need to ask for and record so that your advisor has all the tools (and more time) how to overcome the pension gap.
Fintech Belgium Summit 2018- Open Banking - Harmoney- by Patricia_Boydens
Key to financial happiness
75% < > 54%
of annual income
need to live are actual
33% > adequate
37% > could use more
30% > not enough
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