A number of advisors quizzed for this article feel that Visa's acquisition of Plaid will allow Quovo (acquired by Plaid) to plug into more institutions, particularly financial service providers located abroad, expanding the data available to financial advisors.
Another firm dependent on data aggregation sees Visa's purchase as a rising tide to lift all boats. “Financial institutions will continue to take on an open architecture infrastructure that will drive efficiency in experience, eliminating multiple logins and ensuring consistency of data across applications,” said Jess Liberi, head of product at eMoney Advisor. The next step in account aggregation is gathering insights from collected data, a theme driving the development of eMoney’s own Project Avocado, a mobile app designed to use aggregated data to influence financial behavior. Under Project Avocado, data aggregation will be used to provide financial insights and visibility, serving as an engagement tool for advisors, she said.