Sunday, 27 March 2011

Single financial portal

I would like to have a single financial portal with one login that would give me full access to bank accounts with different banks. Further, this portal would allow me to invest and divest in shares, bonds, gold, derivatives (e.g. futures), etc and to take out loads - effectively all financial products in one. The portal would show me a summary of the information - the net worth of my investments. And it would automatically calcuate my tax due.

Such a single portal would need to be run by a consortium of most if not all financial services providers to avoid monopoly regulation/interference - it could be set-up as a not-for-profit entity, with strict rules allowing any (regulated) financial service product to be sold.

The advantages of such a portal to consumers are obvious. But there are also benefits to the financial services sector: the opportunity to sell more exotic financial services to customers; the opportunity to sell more financial services advice; a greater mobility of customers, which will benefit the upstart financial services providers rather than the incumbents.

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