Moneyhub has partnered with financial analytics firm Envizage to deliver customer-directed Open Banking-powered financial planning application.
The Academy of Life Planning’s Happiness Navigator (HapNav) is a digital planning experience that allows end users to detect and manage threats to their future financial plans and ambitions. It is powered by Moneyhub’s Open Banking data and Envizage’s simulation capabilities.
The Open Banking-powered solution also helps to close the ‘advice gap,’ which millions of people in the UK experience to their detriment. HapNav helps people stay on track and achieve their goals by providing them with the necessary decision-making tools.
Moneyhub CEO Sam Seaton says: “Moneyhub exists to advance financial wellness through the power of technology, and so partnering with Envizage was both a no-brainer and a great pleasure. Open Banking and Open Finance is enabling smart customer-centric propositions to be developed in all areas of financial services and financial planning is one sector that is ripe for this disruption.
“As the industry begins to innovate in order to comply with the upcoming Consumer Duty rules, better data-sharing powered by Open Data will ensure businesses understand their customers and can offer them the very best tools and products.”
Envizage CEO Vinay Jayaram says: “Without a firm grounding in your present reality, projections about your future will be hazy at best, which is why the combination of real-time data with simulation technology is so powerful. And that is why the partnership with Moneyhub, which is the data backbone for the HapNav app, has been so valuable for us and has made the app a huge success.”
HapNav and Academy of Life Planning CEO Steve Conley says: “The Open Banking-powered end-user financial planning app, delivered to the personal and corporate clients of our global network of financial planners, that aren’t also financial product salespeople, is ground-breaking. One planner can now do one-hundred lifetime cash flow forecasts all at once as part of, say, a corporate financial wellbeing programme or a subscription-style on-line model. The possibilities are endless.”