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