Open data and payments platform Moneyhub has partnered with financial planning and banking app Pennyworth, to redesign digital banking for the aspiring-affluent customer.
Pennyworth has applied for a UK banking licence and offers a planning tool that is powered by Moneyhub’s APIs. The tool uses a combination of open banking, open finance and machine learning to turn goals into a customised financial plan and track progress against those targets.
This service is aimed at aspiring affluent consumers. It stated that consumers with salaries between £40,000 and £150,000 are not often considered wealthy enough to be taken on as clients of wealth management firms or private banks.
Through the partnership with Moneyhub, Pennyworth hopes to bridge the value and advice gap by democratising financial planning.
Moneyhub CEO Sam Seaton said, “Setting and achieving financial goals should not be the preserve of the super-rich: everyone should be able to make the most of their money. It is our pleasure to partner with Pennyworth to offer an Open Finance solution for the aspiring affluent consumer.”
Pennyworth picked Moneyhub as its technology partner due to the breadth of connectivity offered by Moneyhub’s data and intelligence API and its ability to pull in the full scope of a customer’s financial data, from pensions to savings and investments, as well as bank accounts.
Earlier in the year, Moneyhub called for greater data-sharing among financial firms as part of its response to the FCA’s Consumer Duty Proposals. The FCA’s proposal seeks to improve the standard of care that retail financial firms provide to their customers and would require them to prioritise consumer outcomes.
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