Moneyhub and Marygold & Co UK partner to launch new wealth app

Today, Moneyhub has announced its partnership with Marygold & Co., Britain’s most emotionally intelligent money management app for individuals and small businesses, to enhance their app capabilities.

Marygold’s app, which is due to launch early in 2025, streamlines customers’ ability to save without needing to switch banking accounts, and is founded with a commitment to radically simplifying the management of finances.

Moneyhub is set to add to the app's capabilities by providing Account Information (AIS) and Payment Initiation (PIS) services.

Among the app’s innovative features are customisable reminders, automated savings nudges, special savings pools, hidden “piggy bank” options and secure me-to-me transfer technology, while offering users competitive interest on funds held. Catering to a wide range of demographics, the Marygold & Co. app also introduces safety features to help with financial oversight for the elderly and vulnerable. Small businesses will also have access to competitive interest rates on their working capital and cash, helping them to maximise returns on idle funds and better manage their finances.

Kim Jenkins, MD of API at Moneyhub, comments: “Given our aligned aims of improving the country’s financial wellbeing through innovation, we’re very pleased to be partnering with Marygold & Co. UK as they prepare for launch. Armed with a myriad of Open Banking and Open Finance-enabled tools, the app is set to deliver fantastic outcomes for consumers and businesses alike. 

Going forward, we have no doubt that our partnership will deliver returns for consumers well into the future. At our core is a desire to share in our API capabilities to improve outcomes for as many people as possible, and this is demonstrated by the breadth and variety of our partners.”

Matthew Parden, CEO of Marygold & Co. UK, added: “Our partnership with Moneyhub underscores our commitment to delivering a truly transformative financial management experience. By leveraging Moneyhub’s advanced Account Information and Payment Initiation services, we’re able to offer our users unparalleled insights and control over their finances, making it easier than ever to save, manage, and grow their wealth securely and efficiently.”

-Ends-

Contacts

Emily Penner, Marketing Director, Moneyhub

emily.penner@moneyhub.com          

Eleanor Ross, Senior Account Director, Teamspirit (Moneyhub PR Agency)

ERoss@teamspirit.uk.com

About Moneyhub

Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.

For more information, please visit www.moneyhub.com. 

About Marygold & Co.

Building upon its established expertise in providing financial advice to individuals, Marygold & Co. (UK) is launching an innovative app platform to reimagine wealth management and savings for individuals and small businesses. Services include easy access to savings products, streamlined account management and innovative tools designed to simplify users' financial journey.

Backed by the Marygold Companies, Inc., and leveraging cutting-edge fintech capabilities, Marygold is committed to delivering a superior and accessible financial experience for its UK clients. The Marygold Companies Inc. is listed on the NYSE American Exchange under ticker MGLD.

WPS Advisory partners with Moneyhub to launch financial confidence app LifeStage

• WPS Advisory launch LifeStage app to supplement their personalised guidance and advice service for employees

• Powered by Moneyhub’s Open Finance technology, the app enables users to understand their income, expenditure, savings, investments, debts and pensions at a glance

• LifeStage users can then share selected income, expenditure and transaction data with WPS Advisory to ensure IFAs are always advising based on an accurate picture of a users’ financial situation

WPS Advisory, the independent financial advice firm, has partnered with data & payments platform provider Moneyhub to develop and launch LifeStage, an app designed to empower employees to make informed financial decisions, based on their unique circumstances and goals.

As employee financial wellbeing rapidly moves up HR agendas, LifeStage helps employees visualise their money today, tomorrow and into the future with ease. Drawing on a range of Moneyhub’s Open Finance features, the app enables users to understand their assets and liabilities like income, expenditure, savings, debts, pensions and properties at a glance.

Moneyhub and WPS Advisory have also integrated the platform with three separate partners. Guiide, Legado and SmartSearch. 

• Guiide is a pension modelling tool that enables LifeStage users to create and maintain a personalised retirement plan. 

• Legado’s secure Digital Vault has been added to LifeStage to allow users and WPS Advisory to upload, store and manage important documents within the app, and notify the other party. 

• SmartSearch enables individual anti-money laundering checks to be completed in seconds, and helps WPS Advisory comply with the latest Customer Due Diligence and Know Your Customer (KYC) obligations.

LifeStage users are able to share their data with WPS Advisory via Moneyhub’s Sharing Centre feature, so it can ensure IFAs are always advising based on an accurate picture of a users’ financial situation. 

From within the Sharing Centre, advisors can see the accounts their assigned users have chosen to share with them, a summary of net worth, assets and account types, income and spending analysis, broken down annually. This empowers the advisors with unprecedented capability to access detailed account, transaction, and income/spending data for their end users. 

Employers can choose a level of access to LifeStage that suits their employees, from the stand-alone app with bitesize financial guidance videos, to fully-advised solutions with annual discussions around employees’ financial goals.

Natalie Oliver, Head of Strategy at WPS Advisory comments: “Partnering with Moneyhub has given us an exceptional opportunity to continue delivering a high-quality service to our customers while maintaining value for money. Our aim is to make financial advice, typically provided through the workplace, as accessible and cost-effective as possible. Technology integrations play a vital role in achieving this goal. Through our LifeStage proposition, we are committed to building financial confidence in our customers, empowering them to manage their money today, tomorrow, and in the future. This partnership with Moneyhub, along with our broader integrations, is crucial to reaching these objectives."

Dan Scholey, Chief Commercial Officer at Moneyhub comments: “Our partnership with WPS Advisory represents a significant step in revolutionising how financial advice is delivered, making it more accessible, efficient and relevant for all and taking full advantage of the benefits of Open Finance. In light of the FCA’s Advice Guidance Boundary Review, this step comes at an ideal time. The research is clear - poor employee financial health impacts mental health, productivity and retention, and employees want employers to be taking a more active role in supporting them with their finances.

By combining the expertise of advisors with cutting edge Open Finance technology, WPS Advisory has developed a truly exceptional proposition.

We’re proud to be working with them to build financial confidence for people at every stage of life, and excited for future plans and iterations of the LifeStage product.”

-Ends-

Contacts

Ingrid Anusic                                      Eleanor Ross
Marketing Director,  Moneyhub           Senior Account Director, Teamspirit (Moneyhub PR Agency)
ingrid.anusic@moneyhub.com           ERoss@teamspirit.uk.com
M: +44 783 722 6553                  M: +44 7393 758 446

About WPS Advisory

WPS Advisory have built their business on providing high-quality financial advice through the workplace, helping people to make informed decisions about their finances based on their values, objectives, wants and needs. It seeks to drive financial empowerment through making retirement advice, wider financial advice and financial education more affordable, and accessible to its clients’ employees. WPS Advisory is Pension Transfer Gold Standard and has in the 10 years since they started interacting with over 100,000 clients resulting in over 35,000 personal recommendations.

About Moneyhub

Moneyhub’s goal is simple; to work with our clients to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.

For more information, please visit www.moneyhub.com.

Generation Duped: Younger generations more likely to have been victims of financial fraud

• Stolen credit card details the most common type of financial fraud among victims, highlighting the need for more secure payment methods 

• 24% of fraud victims lost £10,001 or more

Research from Moneyhub, the Open Banking data and payments platform, has revealed that younger generations are more likely to have been victims of financial fraud than older generations, who have traditionally been seen as the primary target. The research, which surveyed over 2000 people, brings into focus the extent and scale of the issue across the country and across the generations.

According to the ONS, there were 3.6 million incidents of fraud in the year ending June 2024.* This makes it one of the most common crimes in the UK.

Moneyhub’s research highlights the need for more secure payment processes with credit card detail theft the most common type of financial fraud experienced by victims, which affected 30% of victims.

Concerningly, almost a third (30%) of respondents admit to having been a victim of financial fraud in the last 10 years, while a further 25% have been a target in their lifetime but never lost money. Despite 23% of over 55s having been victims of financial fraud in the last ten years2, this number jumps to 41% of 18-24 year-olds, highlighting the cross-generational targeting of fraudsters.

The findings also reveal that younger generations are likely to lose more money to financial fraud than older generations, with 14% of 18-24 year old fraud victims losing between £10,0010 and £20,000, compared to only 6% of those aged 25+. 17% of 18-24 year olds lost between £20,0010 and £50,000, compared to just 6% of those aged 25+.

Men also lost more money to fraud than women, with 44% of male victims losing more than £5,000. This number falls to 20% for women. The average sum of money lost by men to fraud was just shy of £30,000, while women lost just over £10,000.

Type of fraud that took place**

Card details used without permission - 30%

Credit or Debit card details stolen - 27%

Bank account hacked - 20%

Deceived into transferring money to a fraudster - 20%

Identity fraud - 15%

Mark Munson, MD of Payments at Moneyhub comments: “Unfortunately, financial fraud is pervasive in our society, affecting people from all walks of life with often devastating consequences for people’s finances. While we already knew this, our research puts this into stark relief and throws up some startling misconceptions that fraudsters typically target the elderly. But having the data to hand also presents interesting findings which allow us to consider how to reduce the scale of the issue.”

“Fundamentally, we have to consider the lack of financial education for all age groups.   Understanding the risks, and the modus operandi of the fraudsters and typical scams that are in operation needs to be high on the public awareness agenda.”

“The advancement of secure payment technology will go a long way to reducing the number of incidences of fraud. Open Banking payments, for example, allow payments to be made easily from one account to the other, taking away the need to use cards for payments, which our research shows remains a key target for fraudsters.  Open Banking payments are verified by bank level security on every transaction, providing an extra layer of security. With more secure payments available, the ball is in the court of retailers to adopt this technology and take steps to protect customers and clients alike.”

Find more about Moneyhub Open Banking payments here

*https://www.ons.gov.uk/peoplepopulationandcommunity/crimeandjustice/bulletins/crimeinenglandandwales/yearendingjune2024#fraud 

**Base size of 637 people who are the 32% who claimed in the survey to have been victims of fraud. Respondents were able to choose more than one answer.

Moneyhub Financial Wellness tracker: Cash savings grew by 6.2% year-on-year as consumers recalibrate their finances

Data insights from Moneyhub:

• Reveal consumer cash savings grew by 6.2% in the 12 months to end October

• However, the consumer debt to income ratio has still risen by 7.2%.

The latest proprietary insight from Moneyhub, the market-leading data and payments platform, and their Financial Wellness Tracker reveals that consumer cash savings rose by 6.2% in the 12 months to October 2024. 

However, despite inflation falling over the year and the cost of living crisis easing, an individual’s capacity to potentially save further, after their average essential and discretionary spending, has fallen by 3% over the same period. This coincides with essential and discretionary spending rising on average by 0.4% and 0.1% respectively.

In addition, the consumer debt to income ratio has risen by 7.2%.

Moneyhub’s Financial Wellness tracker, released each month, tracks consumer spending and saving trends across five key indices; savings, savings capacity, spending on essentials, discretionary spending, and debt to income ratio. For the full tracker click here

Commenting on the monthly findings, Samantha Seaton, CEO, Moneyhub, said: “Given the somewhat turbulent financial times we have been through in the last few years, it’s encouraging to see that consumers' cash savings are on the rise. This could very well be down to the favourable interest rates savers have been enjoying. 

“However, while inflation has dropped back to more acceptable levels, essential and non-essential spending have nudged up over the year. Coupled with the fact that an individual’s capacity to make additional savings is still in negative territory, this remains worrying, especially with many individuals still trying to decipher what the recent Budget means for their household finances. 

“The rise in both debt-to-income ratio and cash savings suggests that people may be holding onto their savings while increasing their credit use. As everyone’s circumstances are unique, having a 360 degree view of their own finances is essential to making good financial decisions. 

“Businesses can play a pivotal role in helping their customers here.  By providing solutions like Moneyhub, which can offer a complete overview of a customer's financial world, including income, expenses, savings and investments, companies can help deliver better outcomes for their customers. Such platforms also ensure that businesses offer the right rates and products for an individual's circumstances and throughout every interaction and stage of the relationship. This approach aligns with the principles of Consumer Duty.”

-ENDS-

Notes to editors

Contacts

Sam Munton - Senior Account Manager, Teamspirit (Moneyhub PR Agency)

smunton@teamspirit.co.uk

M: 07919228097

Ella Ewen - Account Manager, Teamspirit (Moneyhub PR Agency)

eewen@teamspirit.co.uk

M: 07840721297

Sam Peploe - Account Executive, Teamspirit (Moneyhub PR Agency)

speploe@teamspirit.co.uk

M: 07810512006

Methodology

The index tracks the last 12 months rolling average of the data drawn from individuals that use Moneyhub’s platform. 

About Moneyhub

Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.

For more information, please visit www.moneyhub.com. 

Two-thirds of Brits Use Retail Credit to Pay for Christmas

• Credit users plan to spend an average of £1,012.55 this Christmas, with £760 financed through retail credit.

• 64% of those using retail credit for Christmas struggle to repay it.

• Open Banking allows lenders to assess borrowers with real-time financial data.

London, UK – Wednesday 20th November 2024: Two-thirds of Brits have used or plan to use retail credit during the Christmas season. Moneyhub’s Christmas Retail Credit Report reveals that retail credit users spend an average of £1,012.55 over the holidays, with £759.71—nearly three-quarters—financed through retail credit. It also highlights how Open Banking can help lenders and retailers better serve customers and manage lending risks.

The report also uncovered the challenge many consumers face with using retail credit at Christmas, with 64% of people struggling to repay it, suggesting that many enter the New Year burdened by new debt. Furthermore, nearly a third (28%) of credit-using Brits have fallen into collections or arrears on purchases made for Christmas. To meet repayment obligations in the New Year, over half (53%) of those who struggled with repayments have cut back on spending, 24% take on extra work, and 16% sell items. Retail credit includes credit offered by retailers or banks that allows consumers to purchase items and pay for them later through a store credit card, buy-now-pay-later plans, or installment payment options.

“For many people, the excitement of holiday spending can quickly become the stress of managing repayments in the New Year,” said Suzy Homewood, Managing Director of Decisioning at Moneyhub. "New regulations such as the FCA's Consumer Duty, and the upcoming Buy-now, Pay-later rules, have made it clear to firms that they need to do more to understand their customers financial situation, not just at application, but throughout the term of their loan"

 A better way with Open Banking

Lenders face a significant challenge in balancing consumer safety with providing satisfying access to retail credit. This is often complicated by the limitations of financial scoring. While traditional credit checks - widely used across the industry - have been effective historically, they are becoming outdated, overly simplistic, and unfair to many as based on bias and averages. These checks often lack the granular, real-time insights into income and expenses that lenders need to assess customers fairly. To lend responsibly and sustainably, it’s essential for lenders to adopt more detailed and up-to-date data analysis methods.

The good news is that since 2018, accessing customer's financial data has been dramatically simplified. The arrival of Open Banking rules means that consumers can easily grant access to licenced providers to view their financial data. Regulated by the FCA, Open Banking enables authorised organisations to access customers’ transaction data from banks, building societies, and financial institutions to understand their financial situation.

Suzy continued: “Customers no longer want to be treated as a cohort, expecting instead for decisions to be made ‘about me,’ rather than “people like me.’ Open Banking provides data that can create detailed insights into an individuals real-time income and spending. This enables lenders to evaluate customers more fairly as individuals, ensuring that those who can repay have access to credit, while also protecting vulnerable customers from falling into debt.”

Other findings from The Christmas Retail Credit Report include:

• Generational Divide: Younger shoppers aged 18 to 24 are struggling more than older generations to pay off their credit card balances incurred during Christmas. While nearly half (43%) of those aged 65 and older manage to pay off their retail credit within one month, this figure drops significantly to only 15% for the 18 to 24 age group.

• Credit Confusion: Nearly half (46%) of UK shoppers find the process that lenders use to determine retail credit confusing. Two-thirds of respondents (66%) wish to better understand how lenders decide to approve or decline retail credit applications.

• Documentation Demanded: Bank statements (37%), salary slips (28%), summary of spending (15%), and statements from savings accounts (13%) are all being asked for when consumers apply for retail credit. Those who have struggled with repayments were also found to be twice as likely to be asked for salary slips as those who haven’t.

Suzy concluded: “Open Banking is not just good news for lenders either. By elevating customer experience and refining credit assessments, the use of Open Banking helps retailers foster stronger brand loyalty. When lenders and retailers work together to offer a more personalised approach to credit decisions, they not only elevate the shopping experience and reduce lending risks but also help retailers meet consumer demand safely.”

To download the full ‘Christmas Retail Credit Report’ please click here.

Note to editors:

Survey research for the report was commissioned by Moneyhub and conducted by Sapio Research in September 2024. 2,000 people in Britain who have used retail credit over the Christmas period were interviewed for the report.

 - Ends -

About Moneyhub

Moneyhub’s goal is simple; to work with our clients to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.

For more information, please visit www.moneyhub.com.

Moneyhub integrates with Legado to add secure document storage and communication capabilities

• Consumers can gain 360° view of financial lives with documents and data connections side by side

• Businesses can reduce costs of document creation and mailing 

• Additional communication features from Legado help accelerate businesses operational efficiency

• 1Legacy and WPS Advisory already using capabilities as part of their Moneyhub powered Open Finance solutions

Moneyhub, the engagement, data and customer journey platform and Legado, the communications platform have partnered to integrate Legado’s Document Vault and Interactive Hub onto the Moneyhub Open Finance platform. This integration allows Moneyhub clients to see and store what matters most to their customers, increasing opportunities for engagement. 

Legado’s Digital Vault, a highly secure and personalised document repository alongside Legado's Interactive Hub, a powerful suite of communication features built for businesses, have been introduced to Moneyhub’s clients to broaden the Moneyhub proposition, enabling customers to store important personal and financial documents in a safe and secure location and promptly receive key communications from their providers. The Interactive Hub also provides businesses with a range of communication tools, helping support regulatory compliance and drive down costs associated with communications. 

Combining with Moneyhub’s real time transaction data powered by Open Banking and Open Finance, this integration equips businesses with the insight needed to provide their customers with personalised and of-the-moment products, services and communications.

Moneyhub’s integration with Legado is already benefiting its clients. 1Legacy, a financial and life planning platform, uses Moneyhub’s personal technology platform to offer its customers comprehensive financial planning support, including secure document storage via its app Lifefile. Lifefile acts as a personal vault for everything from house deeds to wills, all stored securely and accessible to those that matter most, when it matters most. Customers of 1Legacy automatically receive a digital copy of their will within their Lifefile, which is embedded within the white labelled Moneyhub platform. 

In addition, WPS Advisory’s app Lifestage powered by Moneyhub’s Open Banking and Open Finance technology also benefits from the Legado integration. WPS Advisory’s clients can enrol their employees onto the app, enabling them to benefit from Moneyhub’s money management tools alongside personalised support and financial advice as required. The Interactive Hub enables advisers to send documents safely and securely to the employees which can be reviewed, signed and shared straight through the app, allowing for much faster communications, and eliminating printing and postage costs. 

Dan Scholey, Chief Commercial Officer at Moneyhub comments: “So much of our financial lives still exists on paper, but this no longer makes sense in the face of an increasingly digitised world. Moneyhub’s integration with Legado enables our clients to provide their customers with a safe and secure place to share and store their information. Not only will this logistically save businesses time and money, but combined with Moneyhub’s real time transaction data, customers are receiving the most relevant and personalised advice and guidance for their circumstances, improving engagement and subsequently financial outcomes. And they have the peace of mind that their documents are stored safely and securely for when they’re needed.  A true win-win. 

“In the age of Consumer Duty, where businesses not only have to act in good faith, avoid causing foreseeable harm and enable customers to pursue their financial objectives but also be able to prove that they’re doing so. This integration adds another string to their bow - Businesses can engage with their customers directly, evidence that communications have been read and check understanding directly through the Moneyhub platform.” 

Josif Grace, CEO and founder of Legado, said: “Our solution helps firms interact with their clients in a more secure and personalised way, reducing operating costs and complexity, as well as environmental impact. Combining our Interactive Hub and Digital Vault with Moneyhub’s platform enables firms to learn more about their customers and build automated, data powered consumer journeys to help users organise products and life events - we’re completely aligned in our vision to simplify consumers’ financial lives, in turn improving engagement and outcomes.” 

ENDS 

Contacts

Ingrid Anusic                                      Eleanor Ross
Marketing Director,  Moneyhub           Senior Account Director, Teamspirit (Moneyhub PR Agency)
ingrid.anusic@moneyhub.com           ERoss@teamspirit.uk.com
M: +44 783 722 6553                  M: +44 7393 758 446

About Moneyhub

Moneyhub’s goal is simple; to work with our clients to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.

For more information, please visit www.moneyhub.com. 

About Legado

Legado is a leading digital platform based in Edinburgh, dedicated to revolutionising customer communication and interactions across the financial services and legal sectors. Founded in 2018, Legado offers innovative solutions that streamline and secure client interactions, enabling organisations to enhance their digital communications and meet evolving customer expectations. With flagship products like the Interactive Hub and the enhanced Digital Vault, Legado empowers businesses to optimise their customer engagement strategies, improve compliance, and reduce operational complexity. Backed by FNZ and supported by key industry partners like Quilter and abrdn, Legado is at the forefront of driving digital transformation and delivering cutting-edge, sustainable solutions for a rapidly changing world.

For more information, please visit www.joinlegado.com

Moneyhub Financial Wellness tracker: Consumers’ capacity to save fell by 25.5% over the last year as recent inflationary pressures continue to take their toll

• Data insights from Moneyhub reveal that consumers’ ability to save dropped significantly in the 12 months to September

• This coincides with an 11.6% drop in total held in cash savings over the same period, while consumers’ non-discretionary spending needs rose by 3.4%

The latest proprietary insight from Moneyhub, the market-leading data and payments platform’s Financial Wellness Tracker, reveals that consumer capacity to save without making any changes to their overall spending behaviour fell 25.5% over the 12 months to end September 2024.

Simultaneously, total cash held in savings dropped by 11.6% as the recent turbulent financial times continued to play out and inflation persistently remains above the target 2%. 

Indeed, consumers' essential spending needs (e.g. mortgage/rent, utilities and groceries) rose by 3.4% over the last 12 months, contrastingly their discretionary spend, where there is an element of choice, also rose by 1.4% over the year.

Moneyhub’s Financial Wellness tracker, released each month, tracks consumer spending and saving trends across five key indices; savings, savings capacity, spending on essentials, discretionary spending, and debt to income ratios. For the full tracker click here

Commenting on the monthly findings, Samantha Seaton, CEO, Moneyhub, said: “While inflation has dropped, which is great news for all, the data is telling us that the effects of the cost of living crisis are still being felt by consumers, as seen in their spending and savings habits. An individual’s capacity to save without making significant lifestyle changes has once again weakened, which will be troubling to many as the ability to save gives a sense of comfort and security.

“Access to cash when it’s most needed bolsters an individual's overall sense of well-being. It is essential that businesses are doing as much as they can to support their customers in making the financial choices that are right for them and their circumstances. Being able to show customers a full view of their financial worlds, in a single place, combined with personalised, consent driven smart nudges, via platforms such as Moneyhub, helps consumers 

make more informed financial choices leading to a better outcome for all.”

Notes to editors

Contacts

Sam Munton - Senior Account Manager, Teamspirit (Moneyhub PR Agency)

smunton@teamspirit.co.uk

M: 07919228097

Ella Ewen - Account Manager, Teamspirit (Moneyhub PR Agency)

eewen@teamspirit.co.uk

M: 07840721297

Sam Peploe - Account Executive, Teamspirit (Moneyhub PR Agency)

speploe@teamspirit.co.uk

M: 07810512006

Methodology

The index tracks the last 12 months rolling average of the data drawn from individuals that use Moneyhub’s platform. 

About Moneyhub

Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.

For more information, please visit www.moneyhub.com. 

Moneyhub first to appoint its statutory Qualifying Pensions Dashboard Service auditor with RSM UK

• Moneyhub has appointed leading audit, tax and consulting firm RSM UK as its statutory Qualifying Pensions Dashboard Service auditor, ready to audit Moneyhub’s compliance 

• Under Department for Work and Pensions regulations, all operators of commercial pensions dashboards must appoint an independent expert auditor to ensure compliance with Pensions Dashboards Programme Standards

• These audits must be carried out prior to connection to the Central Digital Architecture, and annually thereafter

Bristol, [16 Sep 2024] - Moneyhub, the market-leading fintech and Open Finance firm, has appointed leading audit, tax and consulting firm, RSM UK as its statutory auditor of compliance with the Pensions Dashboards Programme (PDP) Standards, ahead of launching its own commercial pensions dashboard.

The introduction of Pensions Dashboards marks a major step-change in the pensions industry, enabling consumers to view all their pension pots, including their state pension, securely online in one place. Dashboards will enable savers to reconnect with any lost pension pots and make understanding and planning for retirement easier.

To become a Qualifying Pensions Dashboard Service (QPDS) provider, the Department for Work and Pensions’ (DWP) dashboards regulations prescribe that all applicant firms must undergo a statutory pre-connection audit (PCA) of compliance with the PDP Standards suite, undertaken by an expert party, independent of the applicant firm.

The PDP Standards define all the detailed mandatory data, design, technical, security, service, operational and reporting features with which all commercial pensions dashboards must comply.

These statutory compliance audits must be carried out both prior to connection of the firm’s QPDS to the PDP Central Digital Architecture, and annually thereafter, with the auditor’s official reports being sent to the Money and Pension Service (MaPS). 

Moneyhub is prepared to support the first QPDS operators and has been conducting a review of the audit market, followed by a procurement exercise, since late 2023, leading to the appointment of RSM UK.

The PDP Standards are currently being finalised, with the first iteration of Design Standards expected to be published in Q4 2024, around the same time as the FCA publishes its final Conduct of Business Sourcebook (COBS) Rules for QPDS operators.

Moneyhub and RSM will work together throughout the remainder of 2024. This will enable RSM to conduct the pre-connection audit as early and quickly as possible, once all PDP Standards are finalised - the pre-connection audit itself being a prerequisite before firms can apply to the FCA to be granted permissions to become an FCA-regulated QDPS operator.

Dan Scholey, Moneyhub Chief Commercial Officer said: “Due to the technical breadth of the PDP Standards, Moneyhub wanted to appoint an expert auditor with experience across the full range of relevant fields, including pensions data, consumer-facing app operations, application programming interfaces (APIs), and so on. We found that in RSM, along with consistent professionalism, and enthusiasm for collaboration.

We are looking forward to working closely with RSM on this new venture, and continuing to lead the market in supporting the delivery of commercial pensions dashboards to consumers, helping people to engage with their retirement savings and driving better outcomes for savers and providers alike.”

Paul Jennings, partner, RSM UK, said: “We are very much looking forward to working closely with Moneyhub on a development which has such a fundamental impact on how people view, understand, and derive value from their pensions. The extent of knowledge, technical expertise and passion within the Moneyhub team is striking, and we are delighted that they have chosen to partner with RSM on such a revolutionary change to the pensions industry, aimed at delivering better outcomes for all participants. 

Our multi-disciplinary team, highly experienced in a wide range of regulatory assurance work, is well-placed to provide the assurance required for industry to provide this service, in turn giving people the confidence to trust the opportunity this dashboard presents and harness its full potential.”

Moneyhub will explain both the DWP audit and the FCA authorisation requirements for QPDS operators at its Pensions Dashboards Ecosystem webinar, in conjunction with Legal & General, on Thursday 19 September 2024 May at 11:00-11:50. Register for the webinar here.

Find out more how Pensions Dashboards can help your business.

-Ends-

Contacts

Ingrid Anusic Mel Matthews

Marketing Director, Moneyhub           PR manager, RSM UK 

ingrid.anusic@moneyhub.com           melanie.matthews@rsmuk.com

M: +44 783 722 6553                          M: +44 7436 268533 

Eleanor Ross 

Senior Account Director, Teamspirit

ERoss@teamspirit.uk.com

M: +44 7393 758 446

About Moneyhub

Moneyhub’s goal is simple; to work with clients to improve the financial wellness of people, their businesses, and their communities.  Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.  To find out how to give the gift of financial wellness, and reap the rewards, visit www.moneyhub.com.  

About RSM

RSM is a leading audit, tax and consulting firm to the middle market with 4,715 partners and staff operating from 30 locations throughout the UK. For the year ending 31 March 2023, RSM generated revenues in excess of £486m. RSM UK is a member firm of RSM International - the sixth largest network of assurance, tax and consulting firms globally. The network spans more than 120 countries, over 800 offices and more than 64,000 people, with global revenues of $9.4 billion (US).

Moneyhub Financial Wellness tracker: Cash savings fell by 24.5% over last year as consumers continue to struggle with high Cost of Living

• Data insights from Moneyhub reveal consumer cash savings fell by 24.5% in the 12 months to August

• Tracker showed that savings capacity also fell by 5.5% over the same period, while consumers’ non-discretionary spending needs rose by 2.6%

The latest proprietary insight from Moneyhub, the market-leading data and payments platform’s Financial Wellness Tracker, reveals that consumer cash savings fell by 24.5% in the 12 months to August 2024.

This coincides with an individual’s capacity to save without making any changes to their overall spending behaviour, falling by 5.5% over the same period. 

Indeed, consumers' non-discretionary spending needs (e.g. mortgage/rent, utilities and groceries) rose by 2.6% over the last 12 months, likely prompting the drop in their discretionary spend of 1.6% over the year.

Moneyhub’s Financial Wellness tracker, released each month, tracks consumer spending and saving trends across five key indices; savings, savings capacity, spending on essentials, discretionary spending, and debt to income ratios. For the full tracker click here

Commenting on the monthly findings, Samantha Seaton, CEO, Moneyhub, said: “While inflation has dropped and costs are beginning to ease back to a semblance of normality, it’s clear that the cost of living crisis lingers on for a vast swathe of the population. The fact that an individual’s capacity to save without making significant lifestyle changes continues to dwindle is worrying. Especially with many fixed-rate mortgages still to rise by quite some over the next year.

“ Access to cash when it’s most needed provides consumers with a sense of financial security that supports their overall well-being. Businesses that are able to provide their customers a full view of their financial worlds; all incomings, outgoings, savings and investments, in a single place via platforms such as Moneyhub, will help individuals take stock and make more informed choices and build buy-in and loyalty.This consent-driven data will also enable businesses to offer more personalised products and services that ultimately better benefit their customers.”

-ENDS-

Notes to editors

Contacts

Sam Munton - Senior Account Manager, Teamspirit (Moneyhub PR Agency)

smunton@teamspirit.co.uk

M: 07919228097

Ella Ewen - Account Manager, Teamspirit (Moneyhub PR Agency)

eewen@teamspirit.co.uk

M: 07840721297

Sam Peploe - Account Executive, Teamspirit (Moneyhub PR Agency)

speploe@teamspirit.co.uk

M: 07810512006

Methodology

The index tracks the last 12 months rolling average of the data drawn from individuals that use Moneyhub’s platform. 

About Moneyhub

Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.

For more information, please visit www.moneyhub.com. 

Moneyhub partners with Idomoo to introduce personalised video capabilities

Moneyhub, the market-leading fintech and Open Finance firm, has integrated with Idomoo’s Next Generation Video Platform to further drive consumer engagement with their personal finances for its enterprise clients. The integration offers firms using the Moneyhub platform another dynamic way to engage the modern consumer with their financial products and service providers.

Research indicates that 93% of companies using video content experience improved engagement rates. Moneyhub has integrated Idomoo's cutting-edge video platform into its own suite of services, providing clients with the ability to deploy interactive and personalised data-driven videos tailored to their customers’ financial journeys or products, presenting traditional communications in a more accessible and more engaging format.

Video content is in demand — Idomoo’s own research found that over 8 out of 10 (83%) of people want more video content from brands, but only 19% say they frequently receive it. This gap represents a huge opportunity to deliver on customer-centricity, transform how people access and consume financial information and boost engagement and understanding. 

Moneyhub and Idomoo have already rolled out personalised pension statement videos on Mercer’s financial management app Mercer Money.  

The new integration sends users dynamic, personalised videos that explain their personal pension statements in an easily digestible manner. These videos highlight key information, such as current pension balance, projected retirement income, and recent contributions. 

The personalised video service can be utilised across a range of scenarios, including product on-boarding, value or periodic statements, Consumer Duty fulfilment or loan and mortgage applications.

Dan Scholey, Chief Commercial Officer at Moneyhub, commented: “Dynamic communication is a key driver in improving financial inclusion. Lengthy, jargon-heavy paper statements can often be barriers to engagement and understanding. Our partnership with Idomoo represents an exciting step forward for the financial services industry, as users can now see their data presented in an engaging and contextual format. For example, understanding my lifestyle against my insurance needs in a short video rather than reams of letters from my provider. Like dashboards and modelling tools, presentation of static data in a personalised and interactive manner is proven to improve outcomes for individuals and businesses alike” 

Mike Stone, VP Sales – EMEA at Idomoo, added:  "We are delighted to work with Moneyhub to introduce personalised video technology to the financial sector. Our interactive videos both enhance user engagement and improve the understanding of complex financial information. This partnership demonstrates how technology can make finance and financial admin more consumer friendly and effective.”

Tim Adams, Head of Digital at Mercer said:

“Using personalised videos to deliver annual pensions statements to our members, directly through our platform, has been a game-changer for Mercer Money. Paper statements are one thing, but the way people consume information is changing. We’ve seen fantastic levels of engagement through putting this information in front of our members in a dynamic, straightforward and visually appealing way”

Contacts

Ingrid Anusic                                      Eleanor Ross
Marketing Director,  Moneyhub           Senior Account Director, Teamspirit (Moneyhub PR Agency)
ingrid.anusic@moneyhub.com           ERoss@teamspirit.uk.com
M: +44 783 722 6553                  M: +44 7393 758 446

About Moneyhub

Moneyhub’s goal is simple; to work with our clients to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.

For more information, please visit www.moneyhub.com

About Idomoo

Idomoo's Next Generation Video Platform enables the real-time creation and distribution of innovative video formats, such as Personalized Video, Enterprise AI Video and Interactive Video, as well as dynamic marketing collateral like infographics and GIFs. Clients include Allianz, JPMorganChase, Vodafone, Activision, Mercer, Oracle, and American Express. Learn more at www.idomoo.com.

L&G selects Moneyhub to power its Qualifying Pensions Dashboard Service

• Legal & General’s pensions dashboard will leverage Moneyhub’s Open Finance technology to improve experience for the provider’s 5.3 million DC members, with easy access to all their pensions data in one place

• The provider will be one of the first companies to offer the pensions dashboard service, which will help to create better long-term outcomes for pension savers

• The dashboard will form a core part of Legal & General’s digital suite of services, with a formal launch expected following the Dashboards Available Point (DAP) date.

2 September 2024 – Legal & General (‘L&G’), the largest DC pensions provider in the UK, has appointed Moneyhub, the market-leading fintech and Open Finance firm, as its Qualifying Pensions Dashboard Service technology provider, helping to shift the dial on how people plan and prepare for retirement. 

The two firms will partner on a new Pensions Dashboard, allowing L&G pension scheme members to find and view all their pension data in one place. The partnership will harness leading edge technology to create a dashboard that will capture pension savings products across each member’s employment history as soon as the Regulator permits it.  

The move marks the latest step in both L&G’s and Moneyhub’s work to support the launch of effective pensions dashboards to consumers as early as possible. Both firms have been collaborating with the UK Government on its central Pensions Dashboards Programme (PDP) since the Alpha test phase, and are also founder members of the Dashboard Operators Coalition (DOC), an industry body which aims to promote collaboration between providers, government and regulators in the move towards dashboards.

The dashboard will form a core part of L&G’s digital suite of services, with a formal launch expected following confirmation of the DAP. The solution will complement L&G’s broader digital pensions ecosystem, including the firm’s new mobile app leveraging Moneyhub’s Open Finance technology, which is in the final stages of development and expected to launch imminently. 

Commenting on the new partnership, Bernie Hickman, CEO of Legal & General Retail said: “Our partnership with Moneyhub is another investment in leading edge technology and offers an exciting opportunity to help us deliver the best long-term retirement outcomes for pension savers. As a provider leading the way in offering a pensions dashboard, we wanted a forward-looking partner to collaborate with on our ambition. This partnership is about harnessing the power of technology to deliver positive change, get more people to engage with their savings and ultimately create a better retirement. From small pots to lost pensions, retirement planning today can be complex and confusing for many people but leveraging this Open Finance technology will put the ability to understand and engage with pensions in the palm of savers’ hands.”

Samantha Seaton, CEO of Moneyhub commented: “We’re delighted to be working with L&G on its pensions dashboard alongside its wider open finance offering. Dashboards are so overdue, given auto enrolment commenced over a decade ago with people in the UK now having on average 11 jobs over their working life - which means 11 pension pots to stay on top of. The way people interact with and understand their pensions will be transformed by dashboards and therefore ensure better financial outcomes for millions of savers. But, pensions are only one piece of the financial puzzle - it’s fantastic to be working with such a major provider of pensions savings who recognise the importance of engaging members in a holistic context.”

L&G manages £176 billion in DC assets under management (AUM) on behalf of 5.3 million members1. The firm has the largest commercial Mastertrust in the market, with over £27.7 billion in AUM2.

- ENDS -

Notes to editors

1 Data as of 30 June 2024.

2 Data as of 30 June 2024.

About Legal & General plc

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global

investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is

international. 

We have a highly synergistic business model, which continues to drive strong returns. We are a leading

international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private

markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%. 

As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion. 

About Legal & General Retail 

Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.14 million retail policyholders and workplace members.  

In 2023, we had total individual annuity sales of £1,431 million, and issued £299 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 5.2 million members, while our Protection businesses gave peace of mind to several million direct, group and US customers, taking in £1,991 million of UK and $1,584 million of US gross written premiums. 

The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.

About Moneyhub

Moneyhub’s goal is simple; to work with our clients to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.

For more information, please visit www.moneyhub.com.

Further information

Legal & General:

Name: Kia McLean

Role: Senior PR Manager

Division: Legal & General Retail

Email: kia.mclean@landg.com

Moneyhub

Name: Ingrid Anusic                                      Eleanor Ross
Role: Marketing Director, Moneyhub           Senior Account Director, Teamspirit
Email:ingrid.anusic@moneyhub.com           ERoss@teamspirit.uk.com
Phone: +44 783 722 6553                  +44 7393 758 446

Opportunity for innovation as consumers highlight disappointment with range of financial services products on offer

• 50% of people said that they wanted better access to financial products and services without physically visiting branches

• 47% said they wanted access to more personalised advice and a further 47% wanted greater flexibility when it came to managing their accounts

• 36% of customers think that Open Banking will have a positive impact on the quality and range of products available 

With the government putting data at the heart of its plan for economic growth through introduction of the Digital Information and Smart Data Bill, new research - commissioned by the engagement, data and customer journey platform Moneyhub - has revealed how financial services firms are letting their customers down when it comes to providing digital services and missing opportunities to grow revenue, reduce cost and increase engagement.

Polling over 2,000 consumers, the research finds that half are looking for a better range of products and services from their financial services providers, without the need for visiting a physical branch. A further 48% said that using financial apps could enable them to save more by helping them manage their finances better.

The research makes clear what consumers want from their financial service providers. 47% of those polled said they wanted access to more personalised advice, and a further 47% wanted greater flexibility when it comes to managing their accounts. 44% wanted more simplified advice about certain areas of their finances and another 44% wanted more advice about their whole financial situation. Two fifths (41%) want their financial transactions to be faster, and 40% of customers say they want to have automated guidance on how to improve their situation.

Technology has fundamentally changed consumer expectations when it comes to how they manage their finances, interact with their financial services providers, and understand the value of their data. The FCA’s Consumer Duty mandates that firms meet these expectations - embrace wider data sharing, offer convenience and higher value exchange, and adopt a proactive approach to delivering better outcomes as well as more suitable products and services for consumers.

While a significant percentage of the customer base wants better products and services from their financial service providers, the research also shows that many customers believe they know where the solution lies. More than a third (36%) of customers think that Open Banking will have a positive impact on the quality and range of products available - rising to 54% among 18-34 year-olds. A third (33%) think that financial institutions need to embrace Open Banking.

The ability of Open Banking to create positive customer experience outcomes can be exemplified by products already in the market and available for use. For example, when polled on their experience with features of the whitelabel Moneyhub platform, which offers secure money management and budget planning, 84% of users agree that they have better control of their finances. A further 70% feel like they have got better at saving and/or investing, and 68% said the app has helped them to better understand what they currently have for their retirement and how much they need. Across all that have used the app over a month period, close to two thirds (63%) reported feeling positive about their financial situation.*

Dan Scholey, COO of Moneyhub comments: ”Companies embracing Open Banking and Open Finance can already meet and exceed what customers have come to expect from their financial services providers and provide low friction personalisation at an affordable price point. The kind of data insights necessary to recognise and meet customers’ needs – and to keep meeting customers’ needs over their lifetime – can only be derived from understanding a customer’s full financial position. Without Open Finance, it is virtually impossible to provide this to the mass market and therefore comply with Consumer Duty regulations

The recent King’s Speech shows that the government means business when it comes to advancing the use of data to support economic growth, specifically by laying the foundation for the creation of Smart Data schemes. However, there’s only so much the government can do to bring modern data solutions to its citizens. Financial services, from banks to insurers, building societies to pensions providers or wealth and investment managers, on the other hand, already have the power to make a tremendous difference to their existing customer bases through the quick adoption of open finance and open banking solutions.”

-Ends-

* Data taken from Moneyhub app users who have used the app for more than three months.

Contacts

Ingrid Anusic                                      Eleanor Ross
Marketing Director,  Moneyhub           Senior Account Director, Teamspirit (Moneyhub PR Agency)
ingrid.anusic@moneyhub.com           ERoss@teamspirit.uk.com
M: +44 783 722 6553                  M: +44 7393 758 446

Research Methodology

Research conducted by Opinium Research on behalf of Moneyhub amongst 2,000 UK consumers between 1st March 2024 and 5th March 2024 (nationally representative sample). 

About Moneyhub

Moneyhub’s goal is simple; to work with our clients to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.

For more information, please visit www.moneyhub.com.

Flexys partners with Moneyhub to bring Open Banking benefits to the collections industry

Flexys, a leading UK-based supplier of collections management technology, has announced a strategic partnership with Moneyhub, a data and payments fintech specialising in Open Banking, Open Finance, and Open Data solutions. This collaboration aims to revolutionise the collections industry by integrating Open Banking capabilities into Flexys's cloud-based software.

Flexys' innovative software uses real-time data and automation to help collections professionals work more efficiently, resulting in faster and more successful collection rates. By partnering with Moneyhub, Flexys will enhance its offering with cutting-edge Open Banking technology, providing unprecedented insights and streamlined processes for both collections professionals and their customers.

James Hill, CEO at Flexys commented:

“We’re delighted to be joining forces with Moneyhub and are excited about the possibilities. Open banking technology will revolutionise collections, helping our clients to provide an improved experience for their customers.”

The integration of Moneyhub's Open Banking solutions into Flexys' platform is expected to deliver several key benefits:

1. Enhanced financial visibility for more informed decision-making

2. Streamlined payment processes, reducing friction

3. Improved customer engagement through automated, personalised payment plans

4. Increased efficiency and reduced operational costs for collections teams

Open Banking technology enhances financial assessments by providing instant access to accurate data. This real-time information allows for precise Income and Expenditure (I&E) evaluations. As a result, customers can be offered the most suitable forbearance options tailored to their current situation, in half the time it normally takes to agree a payment plan they can afford. This targeted approach not only increases the chances of successful repayments but also reduces the risk of defaults. By matching solutions to each customer's financial reality, the system promotes better outcomes for both individuals and lenders.

Suzanne Homewood, Managing Director at Moneyhub said

“Open Banking offers the collections industry an exciting opportunity to reduce their OPEX costs, and the time and stress that customers face when things change, and they find themselves in a forbearance journey. Partnering with Flexys enables us to supercharge the collections process, in the way we have done with originations.  We are extremely excited to see how this partnership can spearhead change.”

This partnership represents a significant step forward in modernising the collections industry, combining Flexys' expertise in collections management with Moneyhub's innovative Open Banking technology. The collaboration is set to create a more transparent, efficient, and customer-centric collections process, benefiting both businesses and consumers.

About Flexys:

Flexys specialises in software that improves and automates debt management and collection.

We provide lenders with all the tools and data they need, in real time. This helps them to

mitigate financial, regulatory and reputational risk.

Our clients can create the best debt resolution journey for each of their customers, which in turn helps them to collect more.

www.flexys.com 

About Moneyhub:

Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.

For more information, please visit www.moneyhub.com. 

Overstretched Britain: One in four have fallen into troubling financial behaviours

• A significant proportion of Brits have fallen into troubling financial behaviour in the past year as finances become increasingly stretched

• These include exceeding overdraft limits, missing credit card payments, and taking out loans to pay off other debts.

• Open Banking tools can support banks and financial services institutions identify vulnerability and offer support more quickly  

More than a quarter (27%) of the UK public has fallen into troubling patterns with their finances, with many having engaged in risky financial behaviour over the last year, according to new research from Moneyhub.

While the UK’s inflation rate has settled back down to the Bank of England’s 2% target, with Rachel Reeves announcing in her first speech as Chancellor Labour’s promise of immediate action to fix the economy and keep inflation as low as possible, over the last year the UK has seen the highest inflation for more than 40 years, putting pressure on people’s finances. This has led many to resort to riskier financial behaviours over the last year in order to get by. Financial risk involves individuals making decisions that might jeopardise their incomes or ability to pay a debt they've assumed.

According to Moneyhub’s research, 9% of people have exceeded their overdraft limit within the last year, and a further 8% have missed a credit card payment, and 7% have taken an additional loan out to pay off other debts.

Additionally, 5% have failed to pay their overdraft, 4% have defaulted on a loan and a further 4% have defaulted on a payday loan. 

With costs high, many are resorting to short-term credit to support their everyday spending. Close to half of Brits have applied for either a personal loan, credit card, pay day loan or overdraft in the last year, with 29% doing so as they required additional support for day to day finances due to the cost of living. A further 21% said they regularly use such products to meet day to day expenses.  

Of those people who have fallen into riskier financial behaviours, 6% felt that they shouldn’t have been approved for the product they received. With 27% of this group saying their income is not sufficient to afford the repayments. .

With many banks and financial services firms unable to see their customers’ full financial worlds, many of these concerning financial behaviours could be missed and grow. Open Banking tools enable banks and other firms to spot vulnerabilities much sooner, which allows for greater support to be provided to the customer before issues spiral. 

Suzanne Homewood, Managing Director of Decisioning at Moneyhub comments: “A worrying number of people have fallen into concerning financial behaviours, and while we cannot change the macro-economic environment that’s prompting them, there are steps the financial services industry can do to better support customers. 

“Indeed, many of these behaviours, like relying on short-term credit for everyday spending,  could be anticipated and mitigated against if service providers were able to understand their customer’s world better. 

“The ability to see this world through financial spending and behaviours, means that businesses can offer support and advice, before things spiral out of control, encouraging customers to make better financial decisions for themselves. Financial vulnerability can’t be easily eradicated, but it can be positively impacted by responsible actions like using data and technology that organisations like Moneyhub and the wider fintech community offer.”

-Ends-

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Contacts

Kirsten Ward
Marketing Director,  Moneyhub
kirsten.ward @moneyhub.com

Eleanor Ross
Senior Account Director, Teamspirit
(Moneyhub PR Agency)
ERoss@teamspirit.uk.com
M: +44 7393 758 446

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About Moneyhub

Moneyhub’s goal is simple; to work with our clients to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.

For more information, please visit moneyhub.com.

Significant fines imposed as Consumer Duty remains a work in progress

• 41% of customers still haven't noticed any changes to their treatment since Consumer Duty was introduced in July 2023

• But 42% believe that Consumer Duty will have a positive impact on the quality and range of products and services available 

• Data is key to identifying, mitigating and reporting on foreseeable harms and consumer outcomes

A year on from the introduction of the FCA’s Consumer Duty (CD) obligations for financial services firms, as many as two-fifths of customers have not noticed any changes to their treatment, according to research from engagement, data and customer journey platform Moneyhub. With the deadline fast approaching for financial services firms to apply the Consumer Duty to closed products, the research indicates that firms still have work to do to realise the business and consumer benefits of the Consumer Duty. 

The research, which polled 2,000 UK consumers, found that only a fifth (22%) said they have already noticed improvements in how they are treated as customers since Consumer Duty regulations came into effect. However, when asked about improvements to customer outcomes, 13% said firms have failed to deliver good quality support and after-sales care, while 12% said firms have failed to deliver communications that help them to make effective financial decisions. 10% felt firms failed to offer suitable products and services that meet their needs. 

Also laid bare by the research are the stark generational differences when it comes to noticing changes in financial services firms’ behaviours. As many as 40% of younger respondents thought they had noticed changes in how banks were interacting with them, compared to just 5% of over 55s.

Looking to the future, many customers remain hopeful that the Consumer Duty will have a significant impact on how firms interact with them. Over two-fifths (42%) believe that Consumer Duty will have a positive impact on the quality and range of products and services available - rising to 53% among younger respondents. 40% think that Consumer Duty will have a big impact on customer servicing - rising to 48% of younger respondents. Similarly, 36% think that Consumer Duty will drive banks to become more customer-centric institutions - more similar to building societies.

By 31st July 2024, FCA-regulated companies will have to review closed products and services against all aspects of the Duty. This in itself prompts a re-evaluation of products that current customers are on and whether they are still appropriate. 

The FCA has said repeatedly that firms must put data at the heart of their response to the Consumer Duty. Indeed the FCA’s recent multi-firm review into insurance outcomes further evidenced the importance of firms using new sources of data to design comprehensive measures that evaluate consumer outcomes as well as process outcomes, to proactively demonstrate that vulnerable customers receive outcomes that are the same as non-vulnerable customers, and that the monitoring of outcomes leads to proactive improvements. It’s vital that firms detail their data gaps and develop plans to enhance the data or their approach to monitoring.  

Dan Scholey, COO of Moneyhub comments: “Consumer Duty really should be a win for both businesses who want to work more efficiently and effectively as well as consumers who need more tailored solutions at affordable prices. The early feedback from firms that have embraced it is overwhelmingly positive. However with significant fines now being imposed by the FCA* we have both the stick and the carrot in place to see better outcomes delivered. 

“Firms often don't know where to start, but it is always with the data. The UK has made great strides through regulation to make the data available, and with it, firms can cost-effectively understand an individual's needs and provide the right solutions at the right time. Embracing the use of third-party Open Data solutions is the best way for firms to meet Consumer Duty requirements while seeing a tangible impact on their customers’ day-to-day finances, and satisfaction levels.”

-Ends-

Notes to editors

*https://www.fca.org.uk/news/press-releases/fca-fines-hsbc-6-million-over-treatment-customers-financial-difficulty

Contacts

Ingrid Anusic                                      Eleanor Ross
Marketing Director,  Moneyhub           Senior Account Director, Teamspirit (Moneyhub PR Agency)
ingrid.anusic@moneyhub.com           ERoss@teamspirit.uk.com
M: +44 783 722 6553                  M: +44 7393 758 446

Research Methodology

Research conducted by Opinium Research on behalf of Moneyhub amongst 2,000 UK consumers (nationally representative sample). 

About Moneyhub

Moneyhub’s goal is simple; to work with our clients to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.

For more information, please visit www.moneyhub.com.

Moneyhub appoints Anne de Kerckhove as chair of the board

Moneyhub, the market-leading data and payments platform is pleased to announce that Anne de Kerckhove will join the Company’s Board as Chair.

Anne is an experienced international executive with over 20 years leading some of the fastest-growing and scaling B2B and B2C technology, data, media, e-commerce and entertainment companies in Europe. She also has extensive Non-Executive Director experience of publicly quoted and private companies.

In addition Anne is an angel investor, mentor and Limited Partner in over 20 start-ups and entrepreneurial funds including CRE, Daphni, Andela, Flutterwave and Carlili. She is actively involved in promoting women, both on boards and within the technology industry, and is a speaker at business conferences and events. She is also a guest lecturer at INSEAD. Anne holds a Bachelor of Commerce from McGill University and an MBA from INSEAD. 

Anne worked as a banker in Canada and then a management consultant at the Boston Consulting Group in London before focusing her career on technology and innovation.

After a rigorous process, with over 250 applicants, Anne’s appointment brings additional strength to the Moneyhub board during a period of significant growth. It also means Moneyhub is incredibly privileged to have a female CEO, CFO and now Chair resulting in a board with a 60% female representation.  

Rael (the outgoing Chair) has made an invaluable contribution over the last 6 years supporting Moneyhub through its expansion to date, including 3 fundraising rounds. We are delighted that Rael will continue as a Non-Executive Director on the Moneyhub board.

Samantha Seaton, CEO, Moneyhub comments:
“We are delighted to welcome Anne to the Moneyhub team. Her experience, ethos and desire to ensure that open banking, open finance and open data is capitalised on as a force for good, chimes with everything we, as a business, stand for. Anne’s tenacity and experience are perfectly aligned to the drive we have at Moneyhub and her transparent approach will be well received by our team, our customers and the market. I would also like to thank Rael very much for his exceptional support in helping us get Moneyhub where we are today, a journey that couldn’t have happened without him.”

Anne de Kerckhove comments:
“Moneyhub’s vision is both interesting and future forward. I truly enjoy nurturing stakeholder relations and creating a supportive and challenging board with both executive teams and shareholders. Moneyhub is uniquely fundamental to businesses where a data driven customer experience is required. As a result the market for Moneyhub is enormous and I am excited to help make the most of this opportunity.”

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Contacts

Eleanor Ross
Senior Account Director, Teamspirit (Moneyhub PR Agency)
ERoss@teamspirit.uk.com
M: +44 7393 758 446

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About Moneyhub

Moneyhub’s goal is simple; to work with our clients to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.

For more information, please visit moneyhub.com.

Rising dependence on payday loans highlights ongoing financial struggles

• An increasing number of Brits are resorting to payday loans to manage day-to-day expenses

• More people have applied for payday loans than mortgages in the last 6 months

• Many applicants are being directed to other financial products or being outright rejected

• This trend underscores the precarious financial situation faced by many in the UK.

New research from Moneyhub has shed light on a concerning trend emerging in the UK; a significant number of Brits are increasingly resorting to payday loans in order to manage their day-to-day expenses.

These findings have revealed that in the past six months, more individuals have applied for payday loans (18%) than mortgages (10%), highlighting the precarious financial situation faced by many.

Of the 18% who applied for payday loans, 6% were accepted, with 4% being rejected outright and 8% being offered a different, more suitable product. Furthermore, over a quarter (27%) of respondents reportedly engaged in risky financial behaviour, such as missing credit card payments or defaulting on a personal loan in the last 12 months. 

These findings highlight the urgent need for financial services providers to better identify and support vulnerable customers. While some applicants were directed to more appropriate financial products, the numbers indicate that this effort is not sufficient. 

Suzanne Homewood, Managing Director of Decisioning at Moneyhub comments: “As more people become reliant on payday loans, it is crucial that providers spot risky financial behaviours and identify potentially vulnerable customers ahead of time.  

“By moving away from traditional methods of credit checking, we’d likely see an increase in providers recommending better-suited products and services for their customers' individual situations. This is because they will be able to understand their customer's true and holistic financial world and identify potential risks. Not only will this help businesses ensure they are truly supporting customers and putting their best interests at heart and in line with consumer duty obligations, but prevent consumers from getting themselves into financial trouble through defaults.”

“Moneyhub's Open Banking data insights provide lenders and collections teams with an incredibly clear view of an applicant's ability to afford or continue to pay for the service or product. We want to see more organisations using services like this before they commit their customers to products that just aren't suited to them. Financial vulnerability can't be easily eradicated, but it can be positively impacted by using new tools available to them.”

-ENDS-

Notes to editors

Contacts

Helen Miller                                      Eleanor Ross

Marketing Director,  Moneyhub           Senior Account Director, Teamspirit (Moneyhub PR Agency)

Helen.miller@moneyhub.com            ERoss@teamspirit.uk.com

                         M: +44 7393 758 446

About Moneyhub

Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.

For more information, please visit www.moneyhub.com.

Further expansion prompts new senior sales hires for Moneyhub

Further expansion prompts new senior sales hires for Moneyhub

• Moneyhub announces three new hires across Personal Finance Technology and Decisioning teams as demand for its Open Finance solutions continues to grow

• Moneyhub has seen strong growth across its business in 2023 and 2024, with new clients such as Scottish Widows and Standard Life. It also announced its founding member status of the Pension Dashboard Operators Coalition.

Moneyhub, the market-leading data and payments platform, continues its growth trajectory as it announces three new senior hires within its Personal Finance Technology (PFT) and Decisioning teams. This latest announcement follows a year of significant growth for Moneyhub, with high demand for its Open Finance solutions from new clients such as Scottish Widows, Standard Life and Voxi by Vodafone. 

Jack Goulston has joined the Personal Finance Technology (PFT) line of business as one of its two new Business Development Directors. Moneyhub’s PFT creates highly customisable consumer engagement platforms for clients, helping them build effective and transformative personal finance management journeys that support end-customers with their day-to-day money management, and longer-term savings and investments through white-labelled solutions and widgets. Jack’s previous 3 years were at Juni, an e-money institution, successfully leading the growth strategy as their Senior Commercial Director. At Moneyhub, Jack will take the sales leadership of PFT’s growth within the retail financial services, utilities, and general insurance sectors. Jack will also be instrumental in supporting the sales of commercial pension dashboards as demand from financial services firms for Moneyhub’s solution grows.   

John Parker is the other new Business Development Director for PFT. In addition to being a practising Independent Financial Adviser, he recently held the position of Head of Business Development at Iress and Sales & Marketing Director at CTC Software. John’s experience will help him lead the PFT growth agenda for open finance solutions across pensions, investments, and wealth sectors. 

Rick Biggs joins the Decisioning line of business, which took home ‘Lendtech of the Year’ in 2023’s UK Fintech Awards, following his latest role as Fraud Solution Specialist at SAS. Rick will be responsible for the sales function of Moneyhub’s innovative Decisioning capabilities that enhance and optimise eligibility, suitability, affordability and vulnerability processes across multiple sectors, with Open Finance powered products for originations, collections and back end data analytics and compliance.

These new hires follow a successful few years of growth for Moneyhub. This involves several high-profile client wins and renewals. Moneyhub has also been named as a supplier to the government’s Crown Commercial Service (CCS) for open banking, Moneyhub most recently became a founding member of the Pension Dashboard Operators Coalition (PDOC) alongside household names such as Standard Life, Legal & General, and Just Group.

Dan Scholey, Chief Operating Officer of Moneyhub, said: “Moneyhub has been growing considerably over recent years, and these new hires are just the next step in our expansion. Our Open Finance solutions are increasingly being chosen by businesses looking to solve their most complex issues smoothly and cost-effectively. Whether that problem is being better able to identify vulnerable customers or creating more meaningful and lasting relationships with customers, our solutions can provide the step-change needed. 

I’m delighted to welcome Jack, John and Rick to the Moneyhub team as we continue to go from strength to strength. We have ambitious plans for the future and look forward to working together to make these ambitions a reality in the coming months and years.” 

-ENDS-

Notes to editors

Contacts

Ingrid Anusic                                      Eleanor Ross
Marketing Director,  Moneyhub           Senior Account Director, Teamspirit (Moneyhub PR Agency)

ingrid.anusic@moneyhub.com            moneyhub@teamspirit.uk.com

M:  +44 783 722 6553                 M: +44 7393 758 446

About Moneyhub

Moneyhub’s goal is simple; to work with our clients to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.

For more information, please visit www.moneyhub.com.