Moneyhub unveils Savings Goals API Recipe to revolutionise financial wellness

January 13, 2025

Moneyhub has introduced a new Savings Goals API Recipe, leveraging Open Banking technology to assist customers in visualising and achieving their financial aspirations.

For millions in the UK, saving remains a significant challenge amidst rising costs. According to statistics, 11.5 million people have less than £100 in savings, leaving little room for non-essential goals. However, clear and well-defined objectives can make a substantial difference. Studies show individuals with set financial goals are 10 times more likely to succeed, with 83% reporting improved financial confidence within a year of setting their targets.

The Savings Goals API Recipe offers an automated, tailored experience to users, allowing them to establish savings goals aligned with their unique financial situations. By connecting their current and savings accounts through Open Banking, users can name their goal, assign a target date, and monitor progress via visual tools. This approach not only promotes better financial habits but also enhances customer satisfaction and loyalty for savings providers.

Kim Jenkins, MD of API at Moneyhub, emphasised the importance of the new feature, saying: “Living day-to-day and month-to-month, sometimes it’s easy to lose sight of long-term financial aspirations, whether that be saving for a holiday, a life event or a luxury item. Our Savings Goals API Recipe enables savings providers to support people on their road to financial wellness, helping them articulate and track their financial goals and giving them the tools to be financially resilient.”

The API Recipe is designed for seamless integration into existing or new applications, highlighting the versatility of Open Banking. Jenkins added, “The API Recipe can be easily implemented, either into existing applications or those that are in build. The potential benefits of financial diligence to both customers and financial service providers alike are numerous, and Open Banking capabilities are an underused resource for this purpose. In a world where the power of Open Banking is there to be used, institutions can move to adopt these technologies to give their customers the opportunities they want.”