moneyinfo the UK’s leading account aggregation software provider announces its move into enterprise with the release of a new web services and programming interface. (API) This allows firms to use the functionality within moneyinfo to extend their existing digital client solutions by adding moneyinfo’s personal finance, investment and property aggregation, secure messaging, document sharing, net worth, income and expenditure and linked accounts for a consolidated family view of wealth.
Account aggregation can enable firms to offer consumers a view of all their finances under one secure login. Travelex recently revealed that nearly 60% of UK consumers want a single marketplace to access financial services and 42% are frustrated with managing multiple accounts with over half considering closing accounts as a result.
Joanna Hall, an industry independent consultant and NED for a number of high-profile financial services firms, comments “The ability to aggregate a client’s financial universe is critical for successful banks in the 21st Century. Banks and their clients need to be in a position to have a detailed picture of their client’s financial situation, regardless of the product source so that any obvious efficiencies can be identified, and gaps plugged.”
The view of Anthony Rafferty, managing director of financial services technology standards organisation ORIGO, is that “It’s only when consumers see an aggregated view of their financial world that they wonder how they managed before. The time saving benefits are obvious, but the biggest benefit is that in seeing a consolidated view this allows consumers to make much more informed choices about their money. Whether it’s the benefits of long-term savings or ideas on how to reduce your debt by changes to your expenditure, a consolidated view takes the guess work out of your finances.”
Ian Smith, enterprise sales director of moneyinfo concludes, “Clients love account aggregation to access all their finances under one secure login. This includes investments, savings, pensions, insurances, property, banking, credit cards, mortgages and debt and all the associated paperwork conveniently stored against the things to which they relate. This data can be used to automate advice and nudge consumers into making better financial decisions.
We’re proving that account aggregation helps engage people with their finances in both wealth and workplace and we’re now looking to work with forward-thinking enterprises that want to tackle the advice gap that exists for the majority of UK consumers. moneyinfo has the framework for firms to offer a comprehensive single marketplace for financial services reassuringly supported under their own brand.
Providers, retail and private banks as well as asset managers are all looking to understand their customers spending habits and lifestyles in greater depth than they have ever done before. PSD2 puts clients in control of their data and those firms with access to the consolidated view can use it to help improve their marketing, communications, underwriting, product design and consumer engagement.
Gordon Hull, former Investments Director at Virgin Money, “It’s clear that there’s a short window of opportunity with PSD2 to offer customers a consolidated financial marketplace to manage their finances, save them time and money and achieve better financial outcomes. This would create a strong brand loyalty for the retail banks who have had long-term customers through apathy but realise they are under immense threat from both challenger banks and FinTech disruptors looking to enter this hugely profitable market.
The retail banks and product providers with their large existing customer bases have a huge opportunity to be their clients go-to app for financial services but only if they act fast and in the long-term interests of their customers.”
Notes to editors
moneyinfo allows people to easily manage all of their finances and use the data to access advice on demand. It removes the cost and complexity of consolidating information and producing paper. It delivers on demand online access to everything a client considers financial in an easy to understand user experience. It is reinventing how employees access advice in the workplace and advisers manage their clients in wealth management.