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Moneyhub and the future of Financial Wellness

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Published Date 15.04.2024

About Moneyhub

The advancement of Open Banking, Open Finance, and Open Data might best be viewed as an ongoing wave of innovation, sweeping through industries, companies and households alike.

Moneyhub has not only been driving this wave forward with its cutting edge software, but ensuring that it carries people towards a brighter financial future too. Moneyhub is a global ISO 27001 certified software developer of Open Banking, Open Finance, and Open Data applications that seeks to create a brighter, financially healthy future for consumers and businesses alike.

Driven by its goal to work with clients to help improve the financial wellness of individuals, their businesses and communities, Moneyhub’s 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 needed to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to telecoms and retail, rely on Moneyhub’s award-winning technology to improve their offerings to customers.

Our Work

Moneyhub and Standard Life

An example of the work that Moneyhub does to deliver better outcomes for customers is its partnership with Standard Life. Moneyhub and Standard Life announced their most recent development in their partnership last September and became the first to commit to offering a commercial pensions dashboard. Embedded into the existing Moneyhub enabled Standard Life Money Mindset app, the dashboard will allow pension holders and app users to find, collate and view all data relating to any pension pots – State, workplace, and private, alongside their bank accounts, loans, pensions, mortgages, credit cards, ISAs, other financial products and even property values, in one place.

Standard Life originally partnered with Moneyhub to enhance their digital app and dashboard, rolling out Moneyhub’s open finance powered tool, Money Mindset, to over 2.8 million customers. Money Mindset gives members visibility of their short, medium and long-term financial position.

Standard Life understands that many people can feel overwhelmed when it comes to engaging with their finances, and that this can lead to a cycle of financial un-wellness. They also recognise that pensions are just one part of the puzzle, and that if people don’t know where to start or don’t have the confidence to take the initial steps in improving their financial health, they’re incredibly unlikely to engage with their pensions.

Once members’ accounts are connected to Money Mindset they are able to view all their spending and saving activity in a single place, including their longer term savings and pensions, and receive personalised, actionable nudges to help them manage their finances. For example, members will be able to group transactions into different categories to create income and spending analysis, as well as build custom budgets, trace lost pensions, assess state benefit eligibility and bring their pensions savings together.

Standard Life’s commercial pensions dashboard plans to incorporate and go further than the Government’s pension dashboard, enabling onward journeys such as lifetime modelling or consolidation. The development of such a dashboard will help pension providers place member engagement and experience first which is important given the complexity of pensions today, with factors such as auto enrolment, multiple pensions pots, alternative savings & investment, and phased retirements key.

Moneyhub and VOXI by Vodafone

Since its MBO in 2018, Moneyhub has been at the vanguard of the Open Banking, Open Finance and now the Open Data revolution. Moneyhub works with hundreds of clients in a myriad of sectors to deliver tailored solutions that are built to solve real-world problems. We enable any company to offer their customers intuitive money management insights so they can make more informed decisions about their money, leading to better financial outcomes.

In 2022, we began working with VOXI by Vodafone to streamline the application process for their VOXI for Now mobile tariff, which offers anyone in receipt of government benefits unlimited calls, texts and data for just £10 a month instead of £35.

During the signup process, the applicant is asked to give Moneyhub one-off consent to access their benefit-receiving bank account(s) to look for evidence of benefits being paid into their account.

Within seconds, our Open Banking Eligibility Checking technology is able to verify what benefits are being received, and notify the Voxi for Now system if the applicant is eligible, without the need for any data sharing or transfers between the two businesses. The process does not affect any credit scoring, and means that VOXI customers no longer have to wait for manual verification, helping those in need access the tariff much quicker.

Earlier this year we expanded our partnership to offer VOXI customers free access to our award-winning financial wellness consumer app through VOXI’s loyalty and rewards programme VOXI Drop.

What the Global Business Tech Awards mean to us

To be nominated at the Global Business Tech Awards is an enormous honour in and of itself for Moneyhub. The variety of award categories, as well as the inclusion of large companies and small, entrepreneurs and conglomerations, is a testament to the effort by the organisers to be representative of such a large and disparate industry as tech. Not only are we incredibly grateful and honoured to be listed alongside our fellow nominees in the Fintech of the Year category, but pleased to be represented in the wider technology picture.




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