Pennyworth, which has applied for a UK banking licence, has developed a planning tool powered by Moneyhub’s APIs. The tool uses a combination of Open Banking, Open Finance, and machine learning to turn goals into a customised financial plan and track progress against those targets.
The new service is customised for consumers with salaries of between GBP 40,000 and GBP 150,000. Such consumers would benefit from financial guidance but are typically not considered wealthy enough to be taken on as clients of wealth management firms or private banks. Meanwhile, Pennyworth has identified that traditional banks tend to offer poor savings rates, high borrowing costs, and very limited financial planning support, according to the official press release.
The new partnership reportedly bridges the value and advice gap and seeks to democratise financial planning. With the UK reporting a cost-of-living crisis that affects household incomes, consumers are able to review their finances and seek appropriate guidance.
Pennyworth chose Moneyhub as its technology partner due to Moneyhub’s API connectivity and its ability to pull in the full scope of a consumer’s financial data, from pensions to savings and investments, as well as bank accounts. This compliments Pennyworth’s objective to design financial goals that take a holistic view of a consumer's finances, the official press release concludes.
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