Samantha Seaton give L&G magazine round up of how Moneyhub is disrupting the financial sector. Including insights on how the app is benefiting lenders and borrowers as well as how innovations in tech, such as 5G, will take the app to the next level. Asked what the future looks like, Moneyhub aims to unlock the power of Open Data and transform the way customers interact with financial data - truly maximising financial literacy nationwide.
Moneyhub CEO, Sam Seaton, offers her expertise on how robo wealth managers can use open banking to provide better advice. From the rise of the challenger banks to the emergence of the robo-adviser, rarely has the financial sector seen so much disruption in such a short space of time. We as an industry should always be looking for ways to improve the suitability of financial recommendations. Algorithms can go some way to facilitating this conversation – but surely gaining a better understanding of your customers’ data is the real answer, hidden in plain sight. As any adviser will tell you, more information equals better advice.
New research from online money management app Moneyhub reveals that 42% of financial management platform users have more than one bank account, as they take advantage of technological innovation and data sharing in financial services.
Moneyhub’s research found that while thousands more people are joining challenger banking providers such as Monzo or Starling Bank, 65% of those challenger bank customers also still have accounts with their previous high street lender.
As the minimum default pensions savings percentage increases, Samantha Seaton shares her view on why this is a good thing, despite the reduction that this may have on employee’s monthly take-home. Perhaps this provides staff with a great opportunity to engage with their finances more and invest time understanding, and curating, their retirement savings.
Moneyhub has integrated Starling Bank into its Payment Gateway, the first challenger bank to support PSD2 PISP legislation, joining the growing list of payment providers on the Moneyhub platform.
Moneyhub’s integration with Starling Bank’s API allows users to initiate a payment straight from one account to the other quickly, easily, and at a fraction of the cost to organisations of traditional payments. The move follows the implementation of Open Banking in January last year, and comes ahead of the new requirement that all banks must support PSD2 legislation by September this year.
Samantha Seaton, CEO of Moneyhub, shares her thoughts on diversity in the Pensions industry. She looks at how having a senior team which lacks diversity can have a detrimental impact on pensions organisations and their customers, as well as the various benefits of improving diversity, even if this means bringing in staff that aren’t pensions specialists
With Pensions Freedom providing savers with more pension control and flexibility than ever before, Samantha Seaton shared her thoughts on how it is now more important than ever that advisers are helping individuals properly plan for their future by taking advantage of the latest technology powered by Open Banking.
Moneyhub CTO Dave Tonge, shares his thoughts on what the future of Open Banking looks like:
January 2018 saw the arrival of Open Banking, landmark legislation that hands ownership of financial account information and data from the bank or building society to the customer. One year into what was heralded as the start of a revolution in financial services, slow implementation by banks and building societies has prompted criticism that the initiative is more hype than about structural improvement. Yet, this ignores the fact we are at the very start of the journey, and realising the benefits that Open Banking will deliver to customers, providers, regulators and our economy as a whole, will take time.
Moneyhub has secured Payment Initiation Services Provider (PISP) authorisation by the FCA, cementing its place as a pioneer of open banking. The authorisation goes one step further from Account Information Services Provider (AISP) status, enabling seamless payments as well as visibility of all financial transactions across accounts in one place.