Moneyhub, the market-leading data platform built on the principles of Open Finance, has announced a partnership that will see financial planning and wealth management solution provider, Voyant, use Moneyhub’s Open Banking and Open Finance APIs throughout its adviser systems.
The partnership will give advisers using Voyant’s platform instant and real-time access to the complete picture of the clients’ financial world. The secure, GDPR compliant data-sharing will allow advisers to expedite the fact-finding process with visibility over the client’s up to date assets and analysis of their income and expenditure in real-time.
Moneyhub’s advanced financial analytics and enrichment algorithms give advisers access to richer and more granular information, enabling the delivery of a more proactive and tailored service to their clients. In turn, clients benefit from more personalised communications from their adviser who can surface the most relevant content and guidance based on their circumstances.
Voyant will consume real-time data across the client’s financial universe from bank accounts, credit cards, investments, pensions, loans mortgages, ISAs and other financial products allowing for more accurate automatic modelling, with advisers and their clients better able to visualise and track an individual’s outcomes and goals.
The solution supports advisers with their Consumer Duty requirements by focusing on a client’s goals and providing products and services that are best suited to each individual. Moneyhub’s Open Banking and Open Finance solution will improve Voyant’s advisers’ ability to help their clients identify and monitor progress against their goals, demonstrating positive client outcomes which is one of the key challenges of Consumer Duty.
The Moneyhub and Voyant partnership will save time and reduce firms’ overheads when onboarding and servicing clients. With a comprehensive, consent-driven view of all of a client’s relevant financial data, advice can be delivered more efficiently. This means more people can benefit from valuable financial advice and open opportunities for hybrid advice models which will further help to close the advice gap.
Kim Jenkins, MD of Moneyhub, API said: “A complete picture of a client’s financial information is vital for advisers to give personalised and effective advice. We’re excited to be working with Voyant to roll out our Open Banking and Open Finance connections to help improve efficiency, meet regulatory obligations and drive better consumer outcomes in the adviser space.
At Moneyhub we are dedicated to improving consumers’ lifetime financial wellness and we are delighted to be working with Voyant to support their adviser community to do just that. Consent driven, comprehensive and real-time access to financial data is critical for advisers to support their clients in achieving their long-term aspirations. Only with this information can they advise on the right products and solutions, at the right time, to deliver on those goals.”