Moneyhub's AI powered 'Proactive Assistant' gives financial institutions the ability to become true consumer champions

Dave Tonge speaking at Finovate 2017

Moneyhub Enterprise was delighted to launch its smart 'Proactive Assistant' at Finovate Europe 2017.  This feature gives enterprises the ability to shield their customers from fines for a late payment, or being charged for dipping into their overdraft. The AI driven financial assistant alerts the user to looming charges and suggests simple automated actions to take. This new technology from the award winning Bristol based fintech company, heralds the death knell of penalty charges.

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Figuresaround penalty charges released by the Financial Conduct Authority[1] show British consumers pay £1.2bn in fines every year. This technology is not just about monthly budgeting - this technology promotes savings and personal financial stability.

Using machine-learning techniques, the technology’s algorithms are tailored to understand each user’s specific circumstances and can suggest personalised savings, investment and borrowing options. The Moneyhub platform is the assistant for consumer finances - helping households with financial planning, money management and achieving smart goals.

As a creator of award winning, ready-to-use and customisable financial management technologies for businesses, Moneyhub Enterprise has created this new capability in order to support every user’s financial wellbeing. The proactive smart assistant is bringing contextual actionable information straight to the user. These insights can help save money - or help them become more financially fit.  Furthermore, this software enables users to have all their financial accounts in one place, on a platform which already adheres to Payment Services Directive 2 (PSD2) legislation coming into force in 2018.

Proactive Assistant functions include:

  • Fee-avoiding ‘nudges’ - User can receive notifications that their mobile phone bill increased by 20% compared to the previous month
  • Overdraft warnings - Using machine learning, the proactive assistant will advise when the user is likely go into their overdraft
  • Positive micro-saving - Alerts how much money has been saved each week after following set targets
  • Personalised financial engagement - Quiz feature around the user’s spending habits, to help them further understand their financial world
  • Money enhancing notifications - When a pay rise is identified, suggested ways of using the money are provided, such as increasing their pension contribution
  • Mortgage Loan-to-value threshold advice - When a user’s LTV is e.g. under 60%, the platform will ask if they would like to search for a new mortgage deal
  • Forecast future spending - Predicted spending such as a holiday can be inputted, so that realistic savings target are set
  • Money saving notifications - Based on historic data, cheaper deals for e.g. car insurance can be suggested.

All or some of the information on the platform can be shared with a financial intermediary or within a household. This significantly reduces time taken to obtain information on client investments and allows the adviser an accurate picture of a client’s financial universe enabling better investment advice.

Dave Tonge, Chief Technology Officer at Moneyhub Enterprise, said: “Our new AI-driven financial assistant gives businesses the ability to support their customer’s financial wellbeing by alerting them to potential charges, saving money and targeting them with appropriate financial products, cutting down on marketing ‘noise’.”  

Dan Scholey, Chief Product Officer at Moneyhub Enterprise, added: “Whether businesses have got a grand plan for PSD2 or are just beginning to think about how a fintech solution can support their sales strategy, we can help. Our platform is available off the shelf and ready to be switched on or developed collaboratively into a bespoke solution.”  

Notes to enterprises:

To arrange a meeting, or to schedule a demo, please contact:

Jon Hart
Head of Key Accounts
M: 07929 612517