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Moneyhub hands trust and control over to consumers through move to Open Data

by Jessica Weisman-Pitts
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  • Business leads the way to put data control back into the hands of consumers
  • Data-powered, customer-centric propositions could boost the economy by up to 5%

Bristol, 1 Feb 2022 – Moneyhub, the Open Data, Analytics, and Payments platform, has announced its progression from Open Banking and Open Finance to Open Data. By opening up data, Moneyhub opens up possibilities that will touch every industry and benefit consumers and businesses alike.

A recent McKinsey & Company report suggested that economies that embrace data sharing in finance could see their GDP rise by between 1 and 5% by 2030. That’s why Moneyhub is focused on providing the essential technology through its Open Data platform for the future of all customer-centric propositions: it’s the backbone of growth, wealth, and health.

Samantha Seaton, CEO of Moneyhub Enterprise, adds: “Open Data is the natural next step in Moneyhub’s journey. Having been an Open Banking and Open Finance pioneer, we are excited to lead the way into the next evolution.”

“We want to put trust, through control of their data, back into the hands of the consumers, and in doing so support them in making better financial decisions. For example, Open Data will make applying for a mortgage a lot quicker, fairer and less stressful: lenders can factor in LinkedIn employment history, together with bank data and pension data, instead of just taking an x-multiple salary calculation”.

Navigating a new digital world of data, legislation, and consumer-consent can be daunting, but the benefits are indisputable. Moneyhub’s move to Open Data helps companies reinvent how they interact with people.

Working with Moneyhub gives clients consent-driven access to the data and analytics they need to quickly and easily create super-personalised offers, products, and services. Hundreds of organisations, spanning finance and telecoms, to media and retail, already rely on Moneyhub’s regulated APIs and fully customisable platform to aggregate data, gain insights, send notification nudges, and initiate payments.

Moneyhub’s award-winning  platform uses data via numerous channels and in multiple formats, but always with consumer consent at its heart, making it fully compliant, and exceptionally relevant.

In addition to payment accounts and financial services data like pensions, mortgages and investments, Moneyhub’s Open Data platform uses cross-industry data from sources including:

  • Employment Data: to better understand tax implications and retirement aspirations
  • Tax Data: to support automation of tax returns
  • Flexible Benefit Data: to map individuals to benefits suitable for them, saving on average £72 per person per month (at no cost and without sharing their data)
  • CO2 Data: to help people understand the environmental impact of their spending and investments
  • Property Valuations: to help set goals, automate tax returns, make better financing decisions and plan for retirement
  • Office of National Statistics: to support forecasting
  • Insurance Policy: price comparison and accessibility in one place
  • Identity Documents: proof of ID and accessibility in one place

Moneyhub is an experienced player in the Open Banking and Open Finance sector, having initially lobbied for the Open Banking standard, and later co-authored the financial-grade API, the global Open Banking standard used in the U.K., Europe, Japan, Australia, Canada and Brazil.  Moneyhub has also helped to lead Open Finance, with positions on the Money and Pensions Service’s Pensions Dashboards Steering Group and TISA’s Open Savings, Investments and Pensions Steering Group.  Moneyhub has already established itself in the wealth, employee benefits, insurance, and retail markets in the UK, and boasts clients including Mercer, Aon, Nationwide, Hometrack and Standard Life.

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