Yellow Brick Road to revamp wealth management ops with Rubik
It’s always best to start at the beginning – and all you do is follow the Yellow Brick Road…
Australia-based banking tech provider Rubik has signed wealth management company Yellow Brick Road (YBR) for its scaled advice solution, Provisio.
The solution will be rolled out across YBR’s network of franchisee owners and is part of the company’s “transformation of its wealth division”, Rubik says.
It is hoped to grow YBR’s margins and improve efficiency by increasing customer-facing time.
The Provisio platform provides software tools for superannuation, retirement, investments and insurance therefore enabling YBR franchisees to write 80% of advice recommendations in-house.
Earlier this month, Rubik signed Goldfields Money (formerly Goldfields Credit Union) for its hosted front-to-back office banking system, Rubik Model Bank. The solution is based on the Temenos’ T24 core system – the two vendors have been partners for nearly a decade.
Temenos is now in the process of acquiring Rubik. The deal is worth AU$ 68 million ($50 million) and is expected to close in May this year.
Rubik also supplied digital channels software to the domestic market. Among its clients is financial services group MyState, which went live with the solution in late 2016.
