Moneyhub Enterprise has developed a new “Nudges” product for personal finance apps, which continuously syncs and curates the customer’s key financial data into user friendly cards as they log in to their account.
The creator of financial technologies for businesses and their customers believes the days of static PFM tools are numbered, and has created this technology in response to consumers’ needs for financial information in easy-to-digest formats. The Nudges technology can be bought ‘off-the-shelf’ or customised and incorporated into new or existing personal finance apps.
Moneyhub Enterprise’s Chief Product Officer, Dan Scholey, explained: “Finances are complicated and consumers are busy, so the industry has to keep up with their needs or risk being left behind. Our vision is to create solutions which will help enterprises and their consumers both now and in the future, and we feel that the deciphering and curation of financial data is the next stage on this journey.”
Momentum UK is Moneyhub Enterprise’s first client to launch the technology on its personal finance app, ‘Moneyhub powered by Momentum’. The financial services provider wanted to help their customers understand their personal data better as part of their ‘Financial Wellness’ campaign, and felt that a focal point on their app would encourage this.
Moneyhub Enterprise Chief Technology Officer, Dave Tonge, added, “We were briefed to create a new approach to customer engagement, based around taking the effort out of financial analysis and focusing on financial improvement. In response, our development team explored different formats using our agile methodology and the favoured option identified through ongoing testing was our Nudges technology.
“The underlying machine learning provides a step change within the PFM industry by putting the most useful analysis in front of the user, but it also provides our client, Momentum UK, with more flexibility to share relevant product information, as well as creating direct channel opportunities with their users.”
Customers of Momentum UK’s Moneyhub app will now receive the following nudges as they log in to their account:
- Positive micro-saving - Updates each week on any savings due to creating spending goals targets
- Personalised financial engagement - A quiz feature around the user’s spending habits, to help them further understand their financial world
- Transaction updates - Alerts on transactions to review and categorise in their transactions inbox
- Financial wellness updates - Latest articles from Momentum UK providing personal finance information and top tips
Dominic Baliszewski, Director of Consumer Strategy at Momentum UK, commented: “Supporting our customers on their path to achieving Financial Wellness is at the heart of everything we do. This is why it’s important for us to be at the forefront of innovation in PFM, and that our app provides our customers with the information they need, and in the right format. Early feedback from our users around Nudges has been positive, and we look forward to launching more innovative functions in the near future.”
For enterprises interested in Nudges or who want to create a personal finance management app, please contact us