TrustQuay has today announced the launch of TrustQuay Portal which will allow clients of corporate services and trust administrators access to their information anywhere, anytime and on any device.
At present, the corporate services, trust and fund administration sector lags far behind other industries in terms of digitalisation, with clients currently unable to readily access their information. However, in a recent industry survey, TrustQuay identified that 2 out of 3 firms said their clients wanted a greater digital experience, with 69% of firms now planning to digitalise their client engagement in the next 2 years.
TrustQuay Portal will allow corporate service and wealth end-clients to have a unified view across all their structures, including corporate entities and wealth trust assets. What sets it apart is that unlike third party portals, the TrustQuay Portal is able to leverage all existing data on TrustQuay’s flagship NavOne and 5Series products, providing end-clients with complete access to their information in a controlled and secure way. For providers, this delivers clients a personalised digital experience, with the client interface carrying the providers’ own branding, within days and weeks rather than a traditional implementation of months.
Commenting on the launch of the new portal, Keith Hale, Executive Chairman of TrustQuay, said: “We’ve designed TrustQuay Portal to reflect not just industry best practice, but to allow clients to be fully engaged, informed and educated.
“Digital access by clients to their own information has now moved from a nice-to-have to a must-have, and we expect to see a rapid increase in the roll-out of interactive client portals as part of corporate services, trust and fund administration digital offerings.
“I’m delighted that our clients can be up and running very quickly with their end-client digital engagement based on TrustQuay Portal.”
To find out more about TrustQuay Portal, please click here.
This is excellent news for users of TrustQuay 5Series and NavOne. TrustQuay Portal looks to be a promising addition to their growing eco-system of products.
However, there may be limitations to what can be achieved with a commoditised portal like this and it will be interesting to see how many clients take up this new product. One of the selling points highlighted in the launch webinar this morning was the ease and speed of implementation, but this may come with some compromises.
Will the portal be as flexible and configurable as a bespoke portal, designed to reflect the brand of the trust company?
Will it have robust security features comparable with e-banking systems?
Larger organisations that want to present information from multiple back-office systems in addition to 5Series or NavOne may find it better to implement a customised portal that integrates with all their systems rather than relying on a separate portal paired with each system.
I’m sure these issues and more will be dealt with in future versions of TrustQuay Portal and overall this is an impressive product coming so soon after the formation of TrustQuay from Microgen and Touchstone. I’m looking forward to seeing what comes next.