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Overview
The MydataLogic integration in AdviserLogic allows you to securely access and import client banking and financial account data using open banking technology. This integration is powered by Basiq and enables real-time data feeds directly into AdviserLogic, helping you reduce manual data entry and improve accuracy.
By using MydataLogic, you can streamline client onboarding, enhance data visibility, and maintain up-to-date financial information for better advice outcomes.
What is myDataLogic?
MyDataLogic serves as a robust tool that effortlessly bridges the gap between a client's financial institution and AdviserLogic. The tool is included at no additional cost.
AdviserLogic's myDataLogic tool seamlessly integrates with Basiq, an open banking platform, to provide real-time access to account information, functioning in a manner similar to investment data feeds. Its specialisation lies in securely handling a range of data types, including savings accounts, term deposits, home loans, and car loans.
This integration boasts the following advantages:
Immediate retrieval of real-time account balances
Access to transaction details, with the flexibility for users to manage their privacy settings
Encryption, prioritising data protection, by allowing users to input their credentials and encrypting the information.
📌Note
Image from Basiq’s security policy
Setting up MyDataLogic
At this stage, myDataLogic has only been implemented in the Client Login module.
Go to Client Home > Client Access > Client Login & Mydatalogic toggle on > Select Update Client Access
Before the final step, sending the welcome email to your client, toggle the myDataLogic section to ON in the Client access screen.
📌Note
Future enhancements will see this integration available in the Client Web Portal
When your client logs in to Client Login they will see the Client Home screen based on the permissions set up for them. Then they simply navigate to the myDatalogic tab to commence the myDataLogic activation, by selecting their bank and entering their internet banking details.
List of Participating Financial Institutions as of November 14 2023.
📌Note
The client may need to log out and back into the Client Login to see the live feed once it has been established
The client has full control over which bank accounts are visible to the adviser, and the entire data feed is at their discretion. They have the option to disconnect the feed or hide specific bank accounts whenever they choose.
Once the client completes the setup, their financial data is channelled directly into AdviserLogic within 24 hours.
This streamlined process saves time and enhances security by eliminating the need to transmit sensitive client information via email or other insecure methods. Additionally, it ensures that the adviser always has access to the most up-to-date snapshot of their client's financial position.
You will see the accounts the client has chosen to show you within the myDataLogic screen.
📌Note
If the balance seems incorrect in Adviserlogics Assets or liabilities screen please check the Date Column in the myDataLogic tab - The client may need to disconnect and reconnect the feed. If this doesn't work please Contact AdviserLogic Support
The data will also flow through to the Assets/Liabilities screens, where it can be identified as MydataLogic information by the blue dot next to it.
Selecting the three-dot menu from the right side of the screen will allow you to see the transaction history for the account.
📌Note
Hovering over the blue dot will show that it is from myDataLogic
Basiq, an open banking platform, joined forces with AdviserLogic in July 2019 to help transform the financial advice industry.
This collaboration leverages Basiq's data to enable AdviserLogic to offer the first CRM tool utilizing real-time bank transaction data in financial planning.
Open Banking has made customer data more accessible, allowing financial advisers to provide personalised services based on actual financial transactions, leading to actionable insights.
This transformation enhances the efficiency of financial advice, improves security, reduces administrative tasks, and creates opportunities for real-time interactions with clients, ultimately changing the way financial advice is delivered.
