The HapNav, a digital planning experience from the Academy of Life Planning is powered by Moneyhub’s Open Banking data and Envizage’s simulation capabilities
The HapNav allows consumers to identify and manage risks to their future aspirations
Data-sharing is a growing priority for businesses, and Open Banking and Open Finance provides the tools to create customer-centric propositions
Moneyhub, the market-leading Open Data and payments platform, has joined forces with financial analytics pioneer Envizage to deliver the world’s first customer-directed Open Banking-powered financial planning application.
The Happiness Navigator (HapNav) is a ground-breaking digital planning experience from the Academy of Life Planning that allows end consumers to identify and manage risks to their future financial plans and aspirations. It is powered by Moneyhub’s Open Banking data and Envizage’s simulation capabilities.
The two fintechs share a commitment to helping consumers make the most of their money and their financial wellness solutions complement each other perfectly. Where Envizage’s probabilistic simulation technology can help people prepare for desired future outcomes, Moneyhub’s Data & Intelligence API can provide an accurate picture of a person’s current financial position, from income and expenses, to assets, liabilities and insurance.
HapNav is made available through the Academy of Life Planning, the world's first network of financial planners that aren't also financial products salespeople. It’s this unique customer-centric DNA and independence that helps set HapNav apart from the competition since, unlike many planning apps in the market, the control lies firmly with the consumer.
The Open Banking-powered solution also makes a significant contribution to bridging the ‘advice gap’ that millions of people in the UK fall into to the detriment of their financial health. By putting the right decision tools in consumers’ hands, HapNav enables people to keep on track and achieve their goals.
The data and analytics provided by Moneyhub and Envizage’s APIs allow users to understand the consequences of their financial choices, navigate potential trade offs and plan for the future. With 9% of Britons having no savings at all and 41% not having enough to live for a month without income, not to mention the economic toll of Covid-19 and the ongoing cost of living crisis, this solution could not be more essential.
The launch of HapNav comes at a moment when data-sharing is a growing priority for regulators and the UK government, creating a supportive backdrop for the new planning app.
Sam Seaton, CEO at Moneyhub said: “Moneyhub exists to advance financial wellness through the power of technology, and so partnering with Envizage was both a no-brainer and a great pleasure. Open Banking and Open Finance is enabling smart customer-centric propositions to be developed in all areas of financial services and financial planning is one sector that is ripe for this disruption.
“As the industry begins to innovate in order to comply with the upcoming Consumer Duty rules, better data-sharing powered by Open Data will ensure businesses understand their customers and can offer them the very best tools and products.”
Vinay Jayaram at Envizage said: “Without a firm grounding in your present reality, projections about your future will be hazy at best, which is why the combination of real-time data with simulation technology is so powerful. And that is why the partnership with Moneyhub, which is the data backbone for the HapNav app, has been so valuable for us and has made the app a huge success.
Steve Conley, CEO of HapNav and Academy of Life Planning, adds: “The Open Banking-powered end-user financial planning app, delivered to the personal and corporate clients of our global network of financial planners, that aren’t also financial product salespeople, is ground-breaking. One planner can now do one-hundred lifetime cash flow forecasts all at once as part of, say, a corporate financial wellbeing programme or a subscription-style on-line model. The possibilities are endless.”
Moneyhub Contacts
Ingrid Anusic
Marketing Director, Moneyhub
ingrid.anusic@moneyhub.com
M: +44 783 722 6553
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
About Envizage
Envizage helps the financial services industry deliver better outcomes for its customers. Envizage’s core technology is a simulation engine that uses data to help consumers understand the key risks to their financial plans and take proactive steps to address those risks. Envizage’s holistic approach cuts across wealth, life and health and identifies consumer needs across borrowing, savings and investments, protection and more. Envizage works with leading global financial services firms to help them create bespoke digital solutions in financial planning, advice, guidance and well-being.
About Academy of Life Planning (AoLP)
The Academy of Life Planning is an award-winning global network of non-intermediating financial planners. Established 10 years ago in the UK, we support hundreds of planners across six continents. Non-intermediating financial planning is financial planning without providing specific advice on specific investment products. Our view is that investment markets are largely commoditised and consumers' needs for investments are well served by signposting to D2C platforms and financial intermediaries. Placing a wall between planning and intermediation also improves market integrity. General advice can be delivered to groups and on a subscription basis. AoLP provides the technical help desk for HapNav. Details: www.academyoflifeplanning.com, www.hapnav.com.