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Challengers unite to take on financial services old guard

Challengers unite to take on financial services old guard

Financial platform Moneyhub has integrated with digital challenger banks Monzo and Starling to allow customers a far-reaching overview of their assets in one place.

Customers of these two challenger banks will be able to link up current and savings accounts alongside any credit cards, pensions, loans, mortgages, properties, self-invested personal pensions, Isas or investments, via Moneyhub.

They can also sign up to Moneyhub's 'smart nudges' to help them make informed financial decisions, like meet their payments on time, provide tips on how to save more or spend better, and helps customers find better deals on credit cards, mortgages and savings.

The move is part of so-called 'open banking' - in which customers give providers of financial services access to their information in a way that means it can be shared more easily among those companies, and customers get a more detailed understanding of their accounts.

Samantha Seaton, chief executive of Moneyhub, said: "Open banking has moved us one step closer to this and brings significant benefits to both businesses and consumers.

"Connecting with Monzo and Starling, two challenger banks already at the forefront of putting consumers in control of their finances, is exciting for us and for Monzo and Starling customers who can enjoy being in control of their financial situation in its entirety."

The Competition and Markets Authority's investigation into the retail banking market found older and larger banks did not compete hard enough for customers’ business and recommended the introduction of open banking.

Moneyhub has said it is "poised" to work with all the nine major banks initially involved in open banking when they go live, and is currently integrating with the six which are ready so their customers will be able to access benefit from more secure, accurate and timely financial data through the Moneyhub platform.

Tom Blomfield, chief executive of Monzo, said: "Our goal is to give people more choice and more control over the way they manage their money, and everything it touches. Companies like Moneyhub can integrate with Monzo and offer customers safe, secure access to other services that help give them that control."

Megan Caywood, chief platform officer at Starling Bank, added: "Starling was founded to empower its users to manage their money more effectively and integrating with Moneyhub so they can manage their Starling current account alongside other accounts continues to fulfil this promise to our customers."