Old Mutual Wealth is among the first users of a Fund Explorer, a technology solution developed by Instinct Studios to replace existing static and out of date fund factsheet information.
Market research done by Instinct suggests that 92% of fund factsheets for some of the UK’s largest funds contains 12 month performance data that is a month and a half out of date.
Fund Explorer has been launched on a software as a service (SaaS) basis to offer more real time data alongside latest portfolio manager comments and tools enabling users to launch graphic representations of portfolio holdings, sector exposure, and performance charts linked to manager activity.
Instinct said: “For fund groups, wealth managers, life & pension providers and retail banks, it represents the digital successor to the fund factsheet.”
Such development is also linked to what it sees as regulatory changes, such as the UK Financial Conduct Authority’s push for information to be clear, fair and not misleading.
The solution aims to provide an interactive environment, which means users can seek different ways of interpreting the data, and to be able to do so across both web and mobile platforms. Design elements in the solution mean that it can act very much like a web browser, such as enabling users to have multiple tabs open simultaneously to compare data sets.
Majid Shabir, founder at Instinct Studios, added: “We’ve been developing Fund Explorer for two years and a number of leading investment providers, like Old Mutual Wealth, have helped us refine and improve it during this time.”
“The failure to offer accurate fund information is the next regulatory time bomb waiting to happen. The financial services market hasn’t been reacting quickly enough to digital; companies need to be doing more to deliver the kind of digital experiences that customers are already receiving from other industries. We believe Fund Explorer will help empower investors with a new level of knowledge and understanding, by allowing them to peel back layers of financial information whenever and however they want.”
Tom Hawkins, head of UK proposition marketing, at Old Mutual Wealth, said: “Increasingly people want to engage with their investments. In all areas of life we expect information and data to be readily available to us electronically. This was one of the principles we took into the development of our WealthSelect investment service. Fund Explorer enabled us to deliver a fund and portfolio analysis centre that gives financial advisers and clients, rich data about their WealthSelect portfolios, ultimately improving engagement with their investments.”