BetaNXT, a leading provider of wealth management technology solutions with near real-time data capabilities and an enhanced advisor experience, has officially announced general availability of its groundbreaking DataXChange platform.
According to certain reports, the stated development arrives on the back of a successful pilot with early adopter clients, a pilot where the platform onboarded a significant number of leading wealth management firms.
More on that would reveal how DataXChange packs together BetaNXT data, clients’ proprietary data, partner data, and third-party data in one data management ecosystem to deliver a flexible, customized, and connected experience. This experience, on its part, can optimize what data can do for wealth enterprises and their clients.
In fact, moving forward, all BetaNXT innovations and updates will be built on and available through the DataXChange platform, as well as BetaNXT partnerships with third parties will be fully integrated with DataXChange.
“BetaNXT has created a solution that empowers the wealth management industry to unlock operational efficiencies and most importantly deeper insights from their data—and do so at scale, as they grow,” said Rinesh Patel, Global Head of Financial Services at Snowflake. “BetaNXT continues to be a leader in anticipating industry change and bringing to market solutions that make it easier for wealth enterprises and advisors to succeed with their clients.”
Talk about DataXChange, we begin from its common data & governance framework. You see, BetaNXT clients can experience DataXChange capabilities through Client Data Vaults that will leverage a common data and governance framework for the exchange and protection of data.
Next up, there is the prospect related to customized client views. The processes and contents of each Client Data Vault are basically customized for each BetaNXT client’s unique integrations and needs.
An example relaying the same would be how, by blending BetaNXT’s quantitative data on client positions and holdings with non-financial CRM data on investors’ favorite hobbies or life goals, you can seamlessly create a proprietary house-holding view of investors for a wealth advisor.
Another detail worth a mention here is rooted in DataXChange’s ability to facilitate agnostic aggregation & commingling. This translates to how the platform in question comes bearing an open framework to ingest new data sets and integrate new partners before seamlessly blending proprietary and third-party data.
“One of our core beliefs is that data management is a long game—and the first step is to build the right data foundation that’s secure, nimble, and customizable,” said Don Henderson, CTO of BetaNXT. “DataXChange is enabling us to deliver a better client experience today, that also serves as the foundation for faster innovation and seamless integration of AI and other new capabilities in the future. According to some of our pilot participants and early adopters, this is a real ‘game-changer’ for wealth enterprises, advisors, and investors.”
Hold on, we still have a few bits left to unpack, considering we haven’t yet touched upon the solution’s anytime access facility. Such a feature means enterprises no longer need to wait for overnight reports or batch delivery, as it will all be available in real-time.
We also haven’t touched on the potential for intelligent automation here. In essence, DataXChange makes it possible for wealth enterprises to instantly eliminate time-intensive processes, and instead, utilize automation to create more efficient workflows that give them more time to spend with investors.
Rounding up highlights would be the platform’s security aspect. You see, DataXChange brings to the fore a secure environment where clients’ data is ready to power whatever experiences and applications they want to create. On top of that, one can also harness the DataXChange platform as an incubator for innovation from their teams and an ever-growing universe of partners.
Among other things, we ought to mention that, with Snowflake in the mix, engineering teams can develop, scale, and operate their applications without any burden. Snowflake will also allow them to access the neccassary resources for designing, marketing, and running their applications in the AI Data Cloud.
