What the provider has found most interesting in the wealth management space is what banks can legally do with the data they collect. There is mounting scrutiny from regulators to stop banks using the data for product positioning or cross selling, but it remains a grey area in many regions.

“We approach it very locally. The moment we engage with a customer to start an implementation with their legal and compliance counterparts, we make sure that whatever data we absorb into the Backbase platform we basically operate in the factum that this is legally allowed from a regulation perspective. But there is no cookie cutter answer about what you can use."

While social media giants have finessed gaining names, profile pictures and other basic consumer consents, in Rutten's view these permissions have arrived in banking over the last 12 months. Encroachment by big techs such as Apple and Amazon into financial services was a big warning theme of last week's Capgemini 2020 wealth report on global trends.

The Open Banking Specifications are all about giving consent, and they are highly valued from HNW individuals. The point is to encourage opt in not opt out, Rutten said. "It is not by definition that you want to share all your data and get all of those fancy features. But if you create enough value and clarify to the end user that this feature will give you a lot more capability but in return we need to analyse your data… that should be the approach. And that mindset has only evolved I would say in the last 12 months.”