Moneyhub has introduced a new API ‘recipe’ that uses Open Banking to assist users in visualising and reaching their savings objectives, enabling providers to improve their clients’ financial security.
APIs (Application Programming Interface) are sets of rules that provide data sharing and communication across various software programmes.
The Savings Goals API ‘recipe’ helps people reach their financial objectives by providing an automated, customised savings experience. Setting objectives, monitoring their progress, and maintaining motivation all help users become more involved and satisfied with financial services.
Users can access the Savings Goals API by connecting their current and savings accounts using Open Banking. They can then establish savings goals by assigning a name, target date, amount, and notes.
Saving for non-essentials can feel overwhelming because of the high cost of living and the fact that 11.5 million individuals in the UK have less than £100 in savings. According to Moneyhub, around 83 per cent of people who set financial objectives say they feel better about their finances within a year, and those who have clear goals are ten times more likely to achieve them.
Moneyhub MD of API Kim Jenkins says: “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 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.”
