CaixaBank, recognized as one of Europe’s leading financial institutions, has partnered with Flanks, a WealthTech company based in Barcelona, to enhance its new multi-custodian aggregation service known as GlobalView for private banking clients.
The GlobalView service enables CaixaBank’s private banking clientele, who manage assets across various financial institutions, to integrate all their financial holdings into one comprehensive platform. Flanks offers the necessary automated connectivity, facilitating daily data collection and standardization, drawing on its network to connect with financial institutions in 33 countries for data normalization and enhancement.
This aggregated data contributes to CaixaBank Wealth Management’s GPS platform, which leverages BlackRock’s Aladdin Wealth™ technology. Consequently, wealth managers gain access to a suite of portfolio analytics, including risk scenario simulations, asset class breakdowns, and investment exposure assessments for assets both within and outside CaixaBank.
Initially, this service will be available to CaixaBank’s Global Wealth clients, specifically those with independent advisory contracts and assets exceeding €4 million. The implementation will gradually expand to encompass a broader segment of the private banking clientele. Following client consent, GlobalView will automatically connect with selected financial institutions, eliminating the need for manual data entry and password management.
Belén Martín, director of CaixaBank Wealth Management, commented, “This development marks a pivotal moment in the banking industry, empowering our clients to manage the information associated with the financial institutions they engage with. In a landscape where high-net-worth individuals often diversify their investments, CaixaBank is excited to collaborate with Flanks to deliver a solution that provides complete visibility of their total wealth in a consolidated and user-controlled format.”
Joaquim de la Cruz, CEO and co-founder of Flanks, stated, “CaixaBank’s vision for GlobalView required a robust and accurate data infrastructure that is refreshed daily without manual involvement. Flanks was specifically designed for this purpose, facilitating automated data aggregation that connects to various financial institutions, normalizes asset class positions, and ensures the high data quality necessary for an institution of CaixaBank’s stature. A proper data infrastructure allows wealth managers to concentrate more effectively on providing client advice.”