Moneyhub launches an API recipe to help users with financial goals

The Savings Goals Recipe leverages Open Banking APIs to enable savings providers to help customers improve their financial situation.

Living month-to-month, sometimes it’s easy to lose sight of long-term financial aspirations, whether that be saving for a holiday, a life event or a luxury item. With high day-to-day costs and 11.5 million people in the UK having less than GBP 100 to fall back on, saving for non-essential goals often requires careful planning and long-term commitment.

Six in ten adults from the UK spend less on non-essentials because of cost of living increases, with 52% of consumers saying that they had to cut their non-essential spending.

However, individuals who actively work towards well-defined financial goals are around ten times more likely to succeed. Additionally, 83% of people who set financial goals feel better about their finances after just one year.

Moneyhub’s new product addresses this challenge, enabling savings providers to help their clients articulate and track their financial goals, and give them the tools necessary to be financially resilient.

The Savings Goals API Recipe provides an automated savings experience tailored to each individual's unique goals. By enabling users to set up goals and track these against their spending and savings, the platform incentivises customers to stay committed to their financial objectives, driving engagement and satisfaction with their banking services. The API Recipe can be easily implemented, either into existing applications or those that are in build.

Customers using the Savings Goals API Recipe can connect their current and savings accounts to the product, allowing the flow of data through Open Banking. They can then set up a saving goal with a name, target date, amount, and any relevant notes, having the ability to oversee goals with a visual and detailed representation of their progress.