While open banking and open finance may seem appealing to some, barriers to adoption are keeping the technology from being widely accessible. Looking to remove this hurdle, Moneyhub has launched its latest API ‘Recipe’, Fact-finder. The ‘Recipe’ ensures plugging into existing systems and solutions is easy.
Data and payments fintech, Moneyhub is enabling businesses to move beyond the time-consuming manual fact-finding process when onboarding new customers and clients. By using the Fact-finder API Recipe, firms can benefit from the immediacy and accuracy of real-time data available through open finance. Access to a holistic and real-time view of customer finances can result in more personalised and wide-reaching impactful services and solutions.
Kim Jenkins, MD of API at Moneyhub, comments: “We know that the fact-finding, onboarding and ongoing reviews can be hugely onerous and time-consuming for businesses and their customers. With open finance, this process can be automated and improved so businesses benefit from access to holistic and accurate real-time data at the point of onboarding and throughout the relationship with the customer.
“We hope this will help improve efficiencies and facilitate more purposeful and useful digital experiences for customers.”
While this solution can be utilised by businesses no matter the size or sector, it is especially useful for those in sectors such as financial advice and wealth management. In these fields, the onboarding process can be particularly onerous, and the benefits of a more hyper-personalised service can be seen more evidently.
Indeed, the Fact-finder API Recipe offers businesses deeper and richer customer insights. These include connections to investments, pensions, properties, and mortgages. As a result, customers can gain access to relevant and timely products suited to their individual requirements.
Through the Moneyhub Fact-finder recipe and its AI-driven nudge technology, businesses can provide their customers with personalised insights to help them understand their evolving financial situation and options, and vice versa. For example, nudges can immediately notify financial advisers of pertinent information and changes to their customers’ circumstances to ensure advice remains appropriate.