Moneyhub Enterprise has been chosen to undertake product tests as part of the second cohort of the FCA regulatory sandbox. The regulatory sandbox allows companies to test its innovative offerings in a live environment.
The Bristol based fintech company will be testing a short term credit assistance feature called ‘Personal Analytics’ within the regulatory confines of the FCA’s sandbox programme. Moneyhub already enables enterprises to offer their customers the ability to aggregate all their financial accounts into an app with simple onboarding, to immediately understand their personal spending and saving behaviours and set relevant goals.
As part of the FCA’s Sandbox, the new Moneyhub feature combines artificial intelligence, data analytics and psychology to nudge consumers to encourage affirmative financial actions. The feature targets two key audiences; ‘savvy switchers’ who are keen to ensure they have the best financial products and ‘career priorities’ who are busy professionals who ‘leak’ money through overdraft fees and late payment charges due to high focus on their working lives.
The FCA received 77 submissions for the second phase of the regulatory sandbox, more than applied for cohort one. 31 applications met the sandbox eligibility criteria and were accepted to develop towards testing. The current cohort consists of the 24 firms that are ready to begin testing shortly. Tests will be conducted on a short-term and small-scale basis and the FCA has worked with the sandbox firms to agree testing parameters, building in consumer safeguards.