Financial advice technology provider Wealth Wizards is partnering with Moneyhub Enterprise, using its data APIs to offer holistic advice and guidance based on real-time consent driven personal data.
The collaboration will allow users of Wealth Wizards’ financial advice chatbot MyEva to link their financial accounts – including bank, credit card, investment, savings and borrowing – to the app.
MyEva is available to individuals and is offered through employers. Users have included technology firm Ricoh, Central and North West London NHS Foundation Trust (CNWL) and PVH, whose brand portfolio includes Calvin Klein and Tommy Hilfiger.
MyEva offers independent personalised guidance and advice throughout key life stages, including clearing debt, building up savings, buying a home or preparing for retirement.
It does this by offering information and nudges as well as regulated pensions and investments advice.
The Moneyhub integration will link this advice and guidance to users’ real-time finance data.
Wealth Wizards also aims to white label the proposition – so that financial institutions can build their own applications based on the collaboration – and to build the integration into its platform for financial advisers, Turo.
Wealth Wizards CEO and co-founder Andrew Firth says: “This is a genuine milestone in personal finance. Together with Moneyhub, we are bringing to market a 24/ 7 digital companion that will offer highly personalised guidance and regulated advice based on real-time developments in the financial lives of users. That means it will be there at the very moments that users need it.
“It will not only make advice more personalised for people accessing it directly through apps like MyEva but it will power-up the work of financial advisers using our Turo tool with their clients by making it even more efficient and effective at gathering relevant data.”
The Moneyhub and Wealth Wizards partnership leverages Open Banking regulations, which allow people safely and securely to connect their bank accounts with regulated third parties, offering a host of new benefits.
Moneyhub CEO Sam Seaton says: “Open Banking empowers individuals to make better money decisions through giving them access to real-time information on their finances. Our financial lives are fragmented, which can make it hard to see the full picture and even harder to properly plan for the future. A more holistic approach to advice and money management will ultimately lead to more financially independent individuals ready for whatever life brings.
“Asking for help is a key stepping stone to a better financial future, and the development of the first 24/7 financial advice chatbot, one that pulls in all your financial information, has the potential to be transformative. We are thrilled to be working with the team at Wealth Wizards to provide this innovative solution.”