Moneyhub has joined forces with financial analytics provider Envizage to deliver a customer-directed financial planning application.
The result of this collaboration is the Happiness Navigator (HapNav), a digital planning experience that allows consumers to identify and manage risks to their future financial plans and aspirations.
It will be powered by Moneyhub’s Open Banking data and Envizage’s simulation capabilities.
The two fintech companies stated they wanted to help consumers make the most of their money and streamline the planning process. Envizage’s probabilistic simulation technology can help people prepare for desired future outcomes.
Vinay Jayaram at Envizage said: “Without a firm grounding in your present reality, projections about your future will be hazy at best, which is why the combination of real-time data with simulation technology is so powerful.”
“That is why the partnership with Moneyhub, which is the data backbone for the HapNav app, has been so valuable for us”.
Open data and payments platform Moneyhub's data and intelligence interface can provide an accurate picture of a person’s current financial position, from income and expenses, to assets, liabilities and insurance.
The data and analytics provided by Moneyhub and Envizage’s APIs will allow users to understand the consequences of their financial choices, navigate potential trade offs and plan for the future.
According to the companies, the open banking-powered solution will help in bridging the ‘advice gap’ that millions of people in the UK fall into, to the detriment of their financial health.
By placing the tools in consumers’ hands, HapNav aims to people to keep on track and achieve their goals.
With 9 per cent of Britons having no savings at all and 41 per cent not having enough to live for a month without income, not to mention the economic toll of Covid-19 and the ongoing cost of living crisis, Steve Conley, chief executive of HapNav and Academy of Life Planning, this solution could not be more essential.
Conley added: “The Open Banking-powered end-user financial planning app, delivered to the personal and corporate clients of our global network of financial planners, that aren’t also financial product salespeople, is ground-breaking.
“One planner can now do one-hundred lifetime cash flow forecasts all at once as part of, say, a corporate financial wellbeing programme or a subscription-style on-line model. The possibilities are endless.”