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Data Aggregation with Asora

TL;DR

Manually aggregating family office data is time-consuming and prone to errors. Asora automates this process, seamless connectivity to banks and custodians, and a scalable platform for all asset classes.

Introduction

Traditional methods of data aggregation — often relying on spreadsheets and manual data entry — are frustrating processes. With assets spread across multiple banks and custodians, consolidating this information is time-consuming and highly error prone. As a result, family offices often struggle with data inconsistencies and operational inefficiencies. 

According to The Family Office Operational Excellence Report 2024, 38% of family offices cite manual financial data aggregation as a major concern. 

To solve this, modern family offices need a tech-enabled approach — one that simplifies, automates, and centralises financial data into a single, structured platform. This is where Asora comes in. 

Why data aggregation is essential for family offices

A well-structured data aggregation process is fundamental to successful family office operations. It helps firms: 

  • Minimise errors and risks: Manual data entry often results in discrepancies, outdated information, and duplicated records, which can be solved by automation. 
  • Make accurate, informed decisions: A single source of truth facilitates better reporting and the informed decisions that come as a result. 
  • Increase operational efficiency: Automation eliminates manual workflows, reducing time spent on collecting, cleansing, and reconciling data.  
  • Scale seamlessly: As the family office grows, automated aggregation ensures data complexity is managed effortlessly. 

Without an efficient aggregation system, family offices risk operating with incomplete or inaccurate data, leading to suboptimal decisions and increased compliance risks. 

Challenges of manual data aggregation

  • Family offices often manage assets across multiple banks, custodians, and fund managers.  
  • Collecting data manually from these scattered sources is slow and inefficient.  
  • Each institution may provide information in different formats, requiring time-intensive data restructuring.  
  • Manual data entry increases the likelihood of errors, including incorrect figures, duplicate transactions, and inconsistencies across reports.  
  • The lack of real-time collaboration means that different stakeholders might be working with outdated or mismatched data. 

How Asora solves it

DATA INGESTION AND MAPPING

  • Automated connectivity to banks via SaltEdge, Plaid, and ACSISS. 
  • Asora connects directly to custodians via SFTP or API, ensuring seamless data retrieval. Unlike platforms relying on third-party providers, Asora’s direct connections provide more comprehensive and detailed information. By capturing all data provided by the custodian, it preserves accuracy and completeness without loss of detail.

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  • Integration with third-party providers like Canoe Intelligence enables data aggregation from other sources, including alternative fund managers and private asset documentation.  
  • These processes ensure maximum data capture. Asora upholds the highest of data quality controls, with full transparency on how it’s standardised and cleansed. 
  • Asora also allows users to bulk upload data onto the platform. The SmartMapper functionality enables users to upload raw data in any format and automatically map it to the Asora structured format, eliminating the need for manual reformatting. 
  • Automated categorisation of assets and transactions simplifies financial tracking. 

DATA ENRICHMENT AND ENHANCEMENT

  • Since Asora receives data directly from different custodians, they’re all in different formats. 
  • Asora’s powerful mapping tool structures and organises this data into a standardised Asora format.   
  • Asora reconciles your data – removing duplicates, normalising entries, checking for any errors and discrepancies and highlighting them to the user.  
  • Integration with external market data providers enhances categorisation based on domiciles, geographies, and classifications. 

Streamline data aggregation with Asora

Aggregating financial data in a family office no longer needs to be a challenge. Asora eliminates manual inefficiencies, reduces errors, and enables timely financial insights. With an automated, centralised data aggregation system, family offices can achieve: 

  • Greater operational efficiency 
  • More accurate and timely decision-making 
  • Seamless scalability for future growth 
  • A significant reduction in time-consuming processes 

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