New series explores how fintech can help accelerate financial inclusion and wellbeing
Moneyhub demonstrates how Open Banking and Open Finance can facilitate better financial outcomes for consumers
Moneyhub, the award-winning data and payments platform built on the principles of Open Banking and Open Finance has been showcased in the Innovate Finance’s new series Wired Differently. The online branded series highlights the ground-breaking work fintechs are doing to improve financial inclusion and wellbeing.
Produced by BBC StoryWorks Commercial Productions and presented by Innovate Finance, the series profiles several fintechs through eleven stories, and can be found at https://www.innovatefinance.com/wireddifferentlyseries/.
While financial wellbeing and inclusion has always been a key issue, it has never been more important than now, with the cost of living putting a strain on consumer’s finances.
As high inflation and high interest rates continue to impact everyday costs people’s finances are progressively under pressure. Recent research from the Resolution Foundation found that the average household would be £2,100 worse off by the end of the next financial year. Moneyhub's own user data showed that households are already cutting back on saving and spending, with low income households increasingly reliant on debt to support everyday expenses, on average borrowing £60 per month to cover costs*.
Moneyhub’s mission is to work with its clients to enhance the lifetime financial wellness of people, their communities and their businesses. The company enables consumers to improve their financial health through automated money management and gain access to more suitable products. At the same time Moneyhub helps businesses understand their customers better to offer them more appropriate, relevant, and personalised products.
By pulling together consumer data across all the financial products they use, Moneyhub gives consumers and businesses, with the consent of the customer, a holistic view of the consumer’s financial situation.
As demonstrated in the film with Francis who uses the Moneyhub app to view all his finances in one place. From his spending in his current account, debt and even longer term finances such as his pensions, mortgages, and investments. This information provided Francis with the tools he needed to make informed decisions about his finances, eliminating his anxiety around money management.
Businesses using Moneyhub’s white-label products, APIs or widgets in return, are able to utilise the insights gained from their customer’s data - but only with their customer’s explicit consent - to create more personalised products and communications that better suit their customers, and subsequently improve financial wellness and drive brand loyalty.
The data-based insight also means businesses can stay ahead of both incoming regulation like Consumer Duty and their competitors.
Janine Hirt, CEO of Innovate Finance said: “One of our central missions at Innovate Finance is to support the growth and safe deployment of financial innovation, which has the power to improve people’s lives. FinTech adoption is on the rise globally, and we’re delighted to be working with BBC StoryWorks for the second time to bring the story of how FinTechs are supporting financial inclusion and wellbeing to life. FinTech products and services are transforming the financial freedom and capabilities for thousands of people around the world, and we hope this series introduces the power of this technology to even more people looking to improve their financial wellbeing.”
Ingrid Anusic, Marketing Director of Moneyhub comments: “At a time when everyone is feeling the pressure financially, it has never been more important to be speaking about financial wellbeing. When we feel insecure or uncertain over our finances it can impact every aspect of our lives. It has always been our mission to encourage better financial wellbeing via our technology and we’re thrilled to be involved in this series.
“Our technology allows individuals like Francis to get a better grasp, not only of their everyday spending patterns, but their longer-term financial health. It can provide insight into where savings can be made, whether that’s an unnecessary subscription, a benefit you may be eligible for or a more favourable rate you could be on for your mortgage, savings, and even mobile tariff. It can ensure you are on the path to a comfortable retirement and have the savings and investments that will allow you to fulfil your life goals. Ultimately, it can take away the effort and complexity of money management.
“Our aspiration is that businesses and their customers embrace this technology, which is ready to use now, to the benefit of everyone involved.”
Moneyhub Contacts
Ingrid Anusic
Marketing Director, Moneyhub
ingrid.anusic@moneyhub.com
M: +44 783 722 6553
Eleanor Ross
Account Director, Teamspirit (Moneyhub PR Agency)
ERoss@teamspirit.uk.com
M: +44 7393 758 446
About Moneyhub
Moneyhub is a global ISO 27001 certified software developer of 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 details, please visit www.moneyhub.com