How APIs help eliminate inefficiencies in the financial planning process

October 24, 2018 by Kelton Corcoran

Two men and one woman working together on two laptops.

About the author

Kelton Corcoran

Senior content marketing specialist

Kelton Corcoran is a senior content marketing specialist at NaviPlan, the financial planning technology provider of choice for more than 140,000 financial professionals.

Though technology plays an essential role in financial services firms, we have reached a point where too much technology can actually hinder efficiency. This is evident in some financial planning tools that are built as closed off systems which make it difficult for firms to develop a seamless process when providing financial plans. Closed off systems create a laundry list of time-wasting activities such as transferring information between different tools and requiring additional accuracy checks.

In fact, a Boston Consulting Group study found that “the amount of procedures, vertical layers, interface structures, coordination bodies, and decision approvals needed…has increased by anywhere from 50 percent to 350 percent” in the past 15 years, despite rapid advances in technology. As market research firm IDC identified, companies lose 20-30 percent in revenue each year to these inefficiencies.

So how can firms continue to leverage the power of technology in the financial planning process, but eliminate crippling inefficiencies? For firms anywhere from the enterprise to the independent level, utilizing APIs is the answer.

Industry-leading accuracy

Closed off systems require countless man hours to transfer information from platform to platform, which greatly increases the chance of inaccuracies. Even more time will be spent checking calculations and cleaning up mistakes.

NaviPlan APIs allow you to simplify the sales process by incorporating our industry-leading calculation engine to your own custom solution. Information then flows seamlessly to other tools such as your firm’s CRM or portfolio management tool, reducing the need for manual transfers.

Custom streamlined experience

Clients no longer see the financial planning process as a static experience but rather a constant loop. They are now more inclined to check goal progress and adjust strategies at a moment’s notice.

By leveraging APIs to bring NaviPlan elements directly into your platform, you are able to create a customized client experience specific to your firm’s brand. Retaining a familiar look and feel simplifies the planning experience for clients and allows your firm to differentiate itself from the competition.

To learn more about utilizing APIs in your current workflows to improve the client experience, click here.

Additionally, to learn how a major U.S. broker-dealer doubled their assets under management and reduced inefficiencies by implementing NaviPlan, click here.