Private banking enters a new phase. CaixaBank will allow its highest net worth clients to visualize all their investments in a single place, even those they have in other entities.
The objective is to offer a global vision of the patrimony, facilitating decision-making in a context in which clients increasingly diversify their assets among different banks.
How the new service works
The system, called GlobalView, will allow grouping all the client's financial positions according to different criteria: entity, asset type, product or currency.
Additionally, it will offer a detailed analysis of each investment, including:
- Geographical distribution
- Type of issuer
- Credit rating
- Sectors and countries in equities
Also, it will allow to simulate scenarios and to better understand the global exposure of the heritage.
To whom this service is directed
In a first phase, the service will be available for clients of the highest segment of private banking, with more than four million euros in assets and an independent advisory contract.
Access will be free within its current rate and will progressively extend to other profiles within private banking.
Technology and connection with other banks
The service relies on Flanks' technology, which allows automatic connection with more than 600 financial institutions in 33 countries.
This makes it possible for the data to be updated daily without the need to manually enter information, offering an integrated and updated view of the assets.
The key limit: what the bank can and cannot do
Although the client will be able to see all their investments, the CaixaBank advisor will only be able to recommend on the assets that are within the entity.
The rest of the information will be for informational purposes, without implying direct advice.
A change that anticipates the future of banking
CaixaBank's move gets ahead of the European regulation on access to financial data, which will oblige to share information on products such as funds, insurance or pension plans.
Other entities like Bankinter or Santander are already working on similar solutions, which points to a structural change in wealth management.