Bristol - Moneyhub, the market-leading Open Data and payments platform, has announced that its
- end rip-off charges and fees
- make it as easy to switch or cancel products as it was to take them out in the first place
- provide helpful and accessible customer support
- provide timely and clear (rather than lengthy and complicated) information, that people can understand to make good financial decisions
- provide products and services that are right for their customers
- focus on the real and diverse needs of their customers, including those in vulnerable circumstances, at every stage of a product's lifecycle, and in each interaction
Moneyhub's
To aid understanding and educate the market, Moneyhub has published a blog discussing "What, why and how to comply" with Consumer Duty.
"We've come a long way, but there's a long way still to go - and the next leap forward is
the move to aggregating individual customers' data, from banking and pensions to loans,
investments, mortgages and properties, and making use of the insights of
"Consumer Duty certainly presents an alarming array of demands and challenges, but it also
presents an even broader array of opportunities. Providing the data-driven insights that can underpin individual, personalised propositions like this is at the heart of what Moneyhub does. And we can provide them either directly to the customer or, with the customer's permission, to firms providing products and services, so they can create tailored communications and propositions to meet individual customers' proven needs."
He said: "During the
"In addition, it opens new opportunities for businesses to use consent-based consumer data to identify and develop new hyper-personalised products based on needs and behaviours.
"With ongoing engagement, it provides a means of identifying early warnings of issues and the ability to act to limit detriment using an evidence base. The behavioural insights available are significantly enhanced by the adoption and facilitation of
"By adopting
Moneyhub's Open Finance Technology can:
- Aggregate account information from the widest range of sources in the
- Analyse and categorise income and expenditure and create a net worth position from both connected and manually input assets and liabilities.
- Evaluate historic transactions, build budgets and forecast cash flows.
- Identify the vulnerability of potential consumers through behaviours, transactions and financial decisions.
- Detect changes in personal circumstances through connected financial accounts such as cash movements, changes in income and payment commitments or account closures
- Provide content and notification nudges to consumers to improve outcomes and address changes, as well as alerting the client's trusted advisers if intended outcomes are no longer relevant or achievable.
-Ends-
Contacts
Head of Global Press Office Open Banking Excellence (OBE)
becci@openbankingexcellence.org
07920 400 851
Marketing Director, Moneyhub
ingrid.anusic@moneyhub.com
M: +44 783 722 6553
Media pack link
About Moneyhub
Moneyhub is a data and payments company that develops ISO 27001 certified software for Open Banking,
For more details, please visit www.moneyhub.com
.
(C) 2022 M2 COMMUNICATIONS, source