Being holistic about finances

PR photo: Jesper Essendrop, CEO, Schantz Fold sammen
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Kære læser. Artiklen her er en del af det engelske magasin Copenhagen Fintech. Indholdet er udformet på engelsk, da det også henvender sig til en udenlandsk læserskare, som deltager på eventen Money2020, hvor Berlingske Media er mediapartner. Magasinet er udformet af Berlingske Medias kommercielle redaktion i samarbejde med Copenhagen Fintech. God læselyst.

Sponsored by Schantz

Financial planning gives a feeling of security in daily life, and, according to the experts, 360-degree planning tools will make this both easier and more convenient in the future.

“Whether planning our pension or getting a loan to buy a house, we all need a full estimate of our economy - incomes, mortgages, pensions, assets, etc. For most people getting a complete overview of their finances and total wealth may be challenging, however, financial planning tools can be of great help,” says Jesper Essendrop, CEO of Schantz, a Danish fintech company which has just become part of Keylane a European market leader in insurance and pension software.

With the assistance of financial planning tools, banks and pension providers can easily work out an analysis of the customer’s current and future financial situation. The tools provide a holistic overview and are able to accurately simulate the impact of various financial actions in the short and long term and thereby improve customer experience radically.

How to plan across financial institutions
“By using advanced financial planning tools, banks and pension providers can give their customers a true 360-degree financial overview. At the end, it is up to the customer to decide how detailed the overview must be, in this respect the planning tools are essential in making the right decisions,” Essendrop says.

Most financial institutions aren’t able to give the customer the same holistic overview of their finances as a planning tool can, because they fail to look at the customer's entire financial situation - which often spreads over several financial institutions.

“The risk a customer faces today is that a bank may end up giving inadequate advice, because it doesn’t take into account assets the customer might have in other financial institutions. By assessing all the financial aspects, the financial institutions are better equipped to advise and present a financial strategy to the customer,” Essendrop says, and goes on to point out that financial planning software is easy to use. Even with limited information such as a customer’s income, address and number of children it is possible to provide an accurate financial plan.

Save time and money
Technology doesn’t only present new possibilities for customers to gain greater insight and control over their financial situation. It also speeds up the long bureaucratic processes they have to deal with when interacting with a bank or pension provider.

“We're interested in developing cognitive solutions that improve the interaction between banks and customers e.g. by machine learning technology. If the customer can get a full overview of his/her economy by using a smart app or web solution, there's no need for an hour-long meeting with a banker. I imagine most of us would rather skip those meetings anyway,” Essendrop adds with a smile.

There are practically endless possibilities for applying the constantly growing technological advances to personal banking.

“Currently we are working on designing a digital assistant that will ensure financial institutions to always be one step ahead of their customers by intelligent monitoring of their customers’ finances to help them make proactive choices. This will make everything – banking, pensions, mortgages and all the rest – so much easier, so much quicker,” Essendrop concludes.


This article is part of the commercial publication 'Copenhagen Fintech'. Click here to view all articles