Practifi takes business intelligence to the next level with Propel

Practifi takes business intelligence to the next level with Propel

Practifi, a performance optimisation platform for the wealth management industry, announce the launch of its sophisticated business intelligence solution for the Australian, New Zealand and Asia Pacific markets.

Known as Practifi Propel, the unified analytics solution will be available to licensees, financial advisers, and enterprise firms across the region.

Practifi Propel provides a data processing framework that organises and snapshots the Practifi data model, surfacing valuable insights through industry-specific power dashboards.

Commenting on the announcement, Umesh Banga (pictured), Senior Director, Go-To-Market for Practifi in Asia Pacific, said, “Data-led decision-making is one of the fundamental challenges that business leaders face due to siloed technology and disparate data systems.”

“Key decision makers of today’s leading wealth management firms recognise the role that data plays in the advice businesses of tomorrow,” Banga said.

“Many dealer groups, licensees, and financial advisers struggle to make informed decisions regarding clients, profitability and overall business health. Furthermore, decision-makers are not the real users of the tools and/or processes; rather, they are concerned with the outcome. For the same reason, Propel includes prebuilt dashboards so you can start gaining insights right away. Essentially, uncovering the answers you want, using the tools you already have.”

The prebuilt Propel dashboard enables business leaders to manage client books, risks and focus on profitability. Data is the heart of Propel, with the ability to monitor client demographics like age, funds under management, and tenure. This puts data at the centre of every customer relationship, ultimately delivering more personalised experiences.

With an intuitive design, it provides firms with visibility over prospects, existing clients and other key metrics, with a top-down view of annualised existing servicing costs, revenue and gross profit.

The offering helps wealth management firms focus on monitoring the quality of new business and track organic growth, Banga added.

“When I talk to business leaders across the wealth management industry, the challenge I see time and again is how firms are struggling to truly future-proof themselves by incorporating crucial business data to ensure everything stays on track,” Banga said.

“Even when systems are well and truly integrated, gaining meaningful insights from data can be difficult if the data infrastructure and product design aren’t thought through.”

“As a result, many business leaders can’t make quick, informed decisions when it matters most. We realised an opportunity to enact real change by leveraging the power of the platform’s analytics to create an exciting new data analytics solution and we’re thrilled to be delivering that today with Practifi Propel.”