A key message I share in my training and consultancy sessions with IFAs and Financial Planning firms is the importance of staying as up to speed as possible on what's going on in the world of technology, Social Media and indeed Fintech.
Even if an individual financial adviser doesn't take on this job themselves, they should have someone in their organisation or a non-executive Director who reports in to them on a regular basis, and these days that means no longer than monthly.
It only needs to be high level, but developments such as Cleo might well be included in such a report. It doesn't mean that the financial adviser should necessarily act on this news but at least be aware of it so that they are properly informed on how their industry and profession is potentially changing.
The technology described here further supports the idea that sites like Facebook and others will increasingly have a role to play in how people educate themselves in financial matters and indeed interact directly with their bank and no doubt in due course their savings and investment portfolios.
London-based Cleo integrates with users' bank accounts through a deal with SaltEdge Financial Aggregator and then uses AI to analyse spending habits and transaction histories to help with money management.