Rimbal has today launched its 2nd generation ‘Network Management Platform’ (or NMP) in support of its ValidPath IFA Network operations and its dynamic data strategy.
NMP is the most sophisticated system for capturing, unifying and managing customer information for any complex onboarding, application or subscription requirement within financial services in the UK. It has applications in the financial advisory and mortgage industries as well as other sectors including funds management (particularly D2C), investment platforms, provider agency management and business insurance.
NMP builds on the success of Rimbal’s 1st generation systems in Australia that managed over 500 financial advisers and processed 500,000 data points and £100 million per month as the core commission engine for over 1,000 mortgage brokers. At its core, NMP is fundamentally a data platform capable of aggregating and transforming multiple datasets into structured information and real-time intelligence accessible by API. This means that data-driven insights can be unlocked, decisions can be automated and NMP can integrate directly with other systems.
While ValidPath today has one of the best onboarding capabilities in the market, using NMP will transform the onboarding process for financial advisers joining ValidPath across all internal and external (i.e. FCA) frameworks (including agency establishment and management). That is, it creates efficiencies and time savings of up to 90% while providing a more compelling user experience with full oversight for network managers.
“NMP is a game changer in the industry and solves key bottlenecks in the process of onboarding and managing IFAs,” Angus MacNee, CEO of Rimbal said. “It enables us to create efficiencies, reduce cost and scale more quickly while providing a better user-experience for our Members.”
NMP is an API-driven proprietary technology built from IP developed over 6 years. It enables entire workflows to be digitised online, and utilises a dynamic data capture framework meaning non-technical users can create dynamic work-flows in a simple UI. Where available, NMP aggregates pre-existing datasets and prepopulates and updates all data fields in real-time (accessible by API) thereby removing the requirement for multiple manual data entries. With NMP, the data is captured once (or from known datasets) and then the information is available anywhere, in any format, at any time. What this means is that NMP is built to work seamlessly in today’s world and yet is future-proofed for the digital future.
“Designing NMP was an opportunity to change the way we think about data: how we capture it, use it, manage it, and keep it secure,” Brad Powar, CTO of Rimbal said. “The API first approach is aligned with the popular agile development principle that enables us to iterate quickly, however, it also enables us to integrate with other internal and external systems via open APIs which creates efficiencies and an ability to automate processes.”
NMP is operational and supporting the ValidPath IFA Network today, with additional functionality and benefits being rolled out on a continuous basis. The scope of NMP will continue to expand to include Open Banking data in the future. This follows the FCA authorisation of Rimbal Systems in August 2020 as an Account Information Service Provider (AISP) making Rimbal the only group in the UK to hold principal FCA Authorisations for both Financial Advice and Account Information Services.
To read more about Rimbal’s dynamic data strategy and insight that ‘Dynamic is the Future’, please click here.