Inbest is a data analytics platform that automates the financial planning process by gathering and analysing households’ personal and financial information. Inbest is a B2B solution to help Financial Institutions build digital solutions to distribute protection insurance, investment and pensions products in both, direct and advised sales channels. Financial Providers also use Inbest to reach households at key moments and life milestones, which allows increasing product sales to existing customers (up to 14x increase in product sales according to McKinney).
Households and their financial advisers use Inbest to control their expenses and ensure they have sustainable leverage and liquidity ratios. Then, end-users can define or review their desired risk exposure and financial goals while understanding the trade-offs between present and future lifestyle. Finally, Inbest monitors households’ personal circumstances and financial situation, and if there is a material change in their risk exposure or chances of reaching their financial goals, Inbest sends proactive notifications with recommendations about the next best actions.
Inbest modular platform offers the following functionalities:
- Financial situation calculates households’ balance sheet, income statement and KPIs (e.g. leverage ratios, liquidity ratios, investment risk ratios) to assess their financial situation.
- Insurance planning projects the impact of catastrophic events (e.g. premature death, disability) on households’ lifestyle and proposes the right level of insurance coverage.
- Financial planning makes a projection of households’ financial goals and helps them to explore what is possible based on their personal circumstances and financial situation.
- Tax planning ensures that households harvest their investment losses, use their tax allowances and minimize their taxes while decumulate their wealth.
- Automatic saving rules (e.g. expenses rounding, automatic periodic contributions) that use behavioural finance techniques to allow households to save more effortlessly.
- Customer analytics application to segment and analyse the financial situation and financial behaviour of Inbest’s users.
Inbest provides the following benefits:
- Efficiency: Financial advisers can improve their productivity and spend more time on value-added services that require empathy.
- Holistic: Premium service by taking into account households’ personal circumstances, financial situation and financial goals.
- Realistic: Explore what is possible based on households actual behaviour, not what they believe or say they will do.
- Optimised: Allocating household savings to tax-friendly accounts and withdraw their wealth tax efficiently.
- Proactive: Increase sales to existing customers by reaching them at the time of a trigger event (e.g. marriage, born baby, promotion).
Manuel Peleteiro founded Inbest in January 2017 after working as a consultant in the wealth management & insurance digital lab at a large financial provider. During this project, Manuel oversaw the procurement process of a wealth management platform, but existing solutions failed to meet the requirements of project stakeholders, financial advisers and target customers.
The main complaint was that existing platforms were specialised on just one aspect of financial planning (i.e. day-to-day financial management, protection insurance or goal-based financial planning) and did not provide an integrated approach towards personal financial management. Moreover, data management processes were inefficient and Financial Advisers spend up to 5 hours gathering and analysing the personal and financial data of each client. Finally, these applications helped neither customer nor advisers to monitor their financial plans according to changes in their personal circumstances and financial situation.
Manuel saw the market opportunity leverage Open Banking and Pension Dashboard regulations together with the latest advances on data analytics and artificial intelligence to provide an integrated and continuous service for personal financial management.
Inbest is now implemented by a wealth management platform and several money management applications in Spain supporting over 3.000 active users. Moreover, Inbest data analytics application has analysed over 300M banking transactions of more than 100.000 customer. Inbest has also won several awards including Scottish Enterprise SMART R&D innovation grant, Datalab Industrial doctorate and Royal Society of Edinburgh fellowship.
Manuel Peleteiro is in charge of product design and business development. Before, Manuel was product owner at Moody’s Analytics, where he oversaw software systems for goal-based financial planning and strategic asset allocation. Before he was FS consultant at Accenture, is a CFA charterholder and former member of the Society of Actuaries.
Bronius Baniulis is in charge of building and maintaining the software platform. Before, Bronius was a software engineer at J.P. Morgan AM where he built an automated investment system for peer-to-peer loans and a system for customer onboarding including KYC and AML.
Discover more by reading the Inbest presentation deck