Open Banking is changing the way people interact with their finances for the better.
It’s no longer justifiable that managing investments, pensions, debt or daily spending is so complex. It’s even easier for businesses to connect with their target audiences and provide them with a more personalised service: capitalising on deeper insights surfaced automatically to help people manage their finances more effectively.
Our latest Sandbox research revealed that 89% of people want more not less insight. At Moneyhub, we empower individuals by giving them a 360-degree view of their finances to help them manage their money better. But is it effective? With our current market coverage users have an average net worth of £429,970 – nearly double the national average. Why wouldn’t you want your audience to be above the national average or working towards exceeding it? Harnessing the power of Open Banking through the integration of Moneyhub’s technology is such a simple step for businesses to create a positive impact on people’s finances.
Advantages for businesses
The average net worth of a user with a challenger bank account as one of their bank accounts is £331,906, a third higher than someone with only high street bank accounts at £247,164.
With Open banking well underway we can see that the advantages of using technology in supporting complex decision making doesn’t start and stop with the end consumer. From financial advisers to retailers, building societies to insurers: basing decisions on real-time, accurate data from every account someone holds can help companies understand and develop the propositions consumers need.
Adding the most value will depend on what your business provides in terms of products and services but aligning these with help for your audience is bound to reap rewards – whether it’s multitasking spending and saving, investing intelligently or identifying the best deal available to your client. Moneyhub is working with businesses hungry for technology to help them harness real time insight to support complex decision-making such as long term financial planning and wellbeing, ensuring their audiences money works harder than ever before. These businesses are placing people at the heart of all they do to maximum effect.
How we’re evolving
Our CEO, Samantha Seaton has just been awarded ‘Woman of the Year’ in the Fintech category at Women in Financial Advice Awards 2018. The recognition is wonderful, but more importantly it reflects the fundamental culture at Moneyhub: shaping how our industry evolves to meet ever increasing consumer need and expectations. Standing still is not on the menu.
That’s why Moneyhub is now also authorised as a Payment Initiation Services Provider (PISP) by the FCA, having already secured Account Information Services Provider (AISP) status. This means we can process seamless payments from various providers using the platform at a fraction of the cost incurred when using traditional card payments. In addition to our authorisation, we’ve launched our API gateway, Moneyhub’s one-stop shop of personalised, permission based, financial data sources. But, this is just the start of how we’re creating a future of frictionless finance.