Moneyhub has launched a new API Recipe designed to help customers visualise and achieve their savings goals.
The Savings Goals Recipe harnesses the power of Open Banking APIs to enable savings providers to give customers a leg-up in their journey to improve their financial situation.
With day-to-day costs high and 11.5 million people in the UK having less than £100 to fall back on, saving for non-essential goals becomes a daunting task, often requiring careful planning and long-term commitment. However, having clear goals in place can make a significant difference. Individuals who actively work towards well-defined financial goals are around 10 times more likely to succeed. Additionally, 83% of people who set financial goals feel better about their finances after just one year.
The Savings Goals API Recipe provides a seamless, automated savings experience tailored to each individual’s unique goals. By enabling users to set up goals and track these against their spending and savings, customers are incentivised to stay committed to their financial objectives, driving engagement and satisfaction with their banking services.
Customers using the Savings Goals API Recipe would initially connect their current and savings accounts to the product, allowing the flow of data through Open Banking. They can then set up a saving goal with a name, target date, amount, and any relevant notes. Subsequently, they can check in on their goals with a visual and detailed representation of their progress.
Kim Jenkins, MD of API at Moneyhub, comments: “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.”