Tech & Tonic: Advisers must adopt cutting edge tech; watchdog’s warning to apps

 José Supico (client) says that advisers must embrace technology [Photo taken by Michael Taggart]

José Supico (client) says that advisers must embrace technology [Photo taken by Michael Taggart]

This week we’ve news that advisers need to embrace technology or face being crushed, plus a dire warning to money apps. It’s all happening here. Plus it is still hot, what about that, eh?

In it for the money: WhatsApp to finally generate revenue

Whatsapp has launched a Business API that will let businesses respond to messages from users for free for up to 24 hours, but will charge them a fixed rate by country per message sent after that. This move will allow the service to finally generate some revenue, as well as being incredibly helpful to both businesses and their customers. For more, click here.

Apps get a rap (on the knuckles)

Digital banks and money apps will come under greater scrutiny by the Financial Conduct Authority following concerns that they are opaque about gathering data. Apps that have accessed users’ bank account details under new Open Banking rules are not always clear with customers about selling data, nor how they make money, the watchdog has warned. Those who take commission for pushing services will also be under the spotlight if they have not been transparent. More here.

'Advisers will be crushed if they only do face to face advice'

Advisers who embrace a hybrid model of face to face advice combined with cutting-edge technology will succeed where more traditional models fail. This is according to Jose Supico, CEO of Advicefront (client). To read Supico’s comments in this week’s New Model Adviser magazine, click here. Also, if you’re into surfing, you’ll love this piece.

If you'd like the opportunity to surf, or if we missed any news, let us know by tweeting @foco_global