Moneyhub market-leading Open Data platform and payments platform, teamed up with financial analytics pioneer, Envizage to deliver the world’s first customer-directed Open Banking-powered financial planning application.
The Academy of Life Planning has created the Happiness Navigator (HapNav), which is a revolutionary digital planning experience that allows consumers to assess and manage their risks and goals for their future financial plans. It is powered by Moneyhub’s Open Banking data and Envizage’s simulation capabilities.
Both fintechs share the same goal of helping consumers get the most out of their money. Their financial wellness solutions perfectly complement each other. 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. This solution is vital as 9% of Britons don’t have any savings, 41% do not have enough income to last a month, and Covid-19 has exacerbated the economic crisis.
HapNav was launched at a time data-sharing is becoming a greater priority for UK regulators. It provides a supportive background for the app’s new planning features.
Moneyhub CEO Sam Seaton: “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 allow smart customer-centric proposals to be developed in all areas. Financial planning is one area that is ready for 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.”