Trustfolio has partnered with Equifax to launch a new feature powered by Open Banking. The new Debt Adviser Support Portal feature will allow advisers to gain instant access to bank transaction data in an income and expenditure-friendly format, mapped to the Standard Financial Statement.

Alongside the client credit reports from multiple Credit Reference Agencies already available via the Portal, this will give users an even fuller picture of a client’s financial situation in minutes rather than weeks, according to the official press release. Trustfolio’s Debt Adviser Support Portal is an adviser-led, 'online anywhere' digital platform for the not-for-profit advice sector, designed to save time and money by removing the administrative burden of gathering clients’ financial information. Backed by AdviceUK, a UK-based support network for independent advice organisations used by over 160 agencies and 850 individual advisers, it has a track record of improving client engagement and outcomes.

The Portal is run and managed by a team with a background in the debt advice and wider credit sector who believe that technology should enhance rather than replace the adviser-client relationship. It offers the flexibility to embrace new technologies and access relevant data according to the client’s individual circumstances, enabling advisers to support even more efficiently and effectively the digitally excluded and those with mental health issues. According to Trustfolio’s COO, the new feature is an important step on the journey to making the Portal a one-stop-shop financial statement tool for debt advisers which the company believes will transform debt advice delivery for the benefit of all involved.

While Trustfolio acknowledges that accessing a client’s banking data won’t always be appropriate or tell the whole story of their financial situation, the option and ability to do so instantly will save advisers time and improve client outcomes by providing a fuller picture of their circumstances. Debt advice sessions are becoming increasingly complex so by removing the administrative burden, Trustfolio hopes to enable advisers to focus on what is most important when it comes to dealing with those in financial difficulty as demand for advice continues to grow. Trustfolio will also soon be rolling out another new Debt Adviser Support Portal function which will enable advisers to refer a client to one of its selected panel of debt solutions providers.

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