Moneyhub has launched its latest API ‘Recipe’, Fact-finder, unlocking the potential of Open Finance and empowering businesses to deliver more purposeful services and solutions to their customers. The Recipe combines Moneyhub’s Open Banking and Open Finance API connections to ensure plugging into existing systems and solutions is easy.

Using Moneyhub’s Fact-finder API Recipe, businesses can move beyond the time-consuming manual fact-finding process when onboarding new customers and clients and benefit from the immediacy and accuracy of real-time data available through Open Finance. Access to a holistic and real-time view of customer finances can result in more personalised and wide-reaching impactful services and solutions. 

While this solution can be utilised by businesses no matter the size or sector, it is especially useful for those in sectors such as financial advice and wealth management, where the onboarding process can be particularly onerous, and the benefits of a more hyper-personalized service can obviously be supported. 

Indeed, the Fact-finder API Recipe offers businesses deeper and richer customer insights, including connections to investments, pensions, properties, and mortgages. As a result, customers can gain access to relevant and timely products suited to their individual requirements.

Through the Moneyhub Fact-finder recipe and its AI-driven nudge technology, businesses can provide their customers with personalised insights to help them understand their evolving financial situation and options, and vice versa. For example, nudges can immediately notify Financial Advisers of pertinent information and changes to their customers' circumstances to ensure advice remains appropriate.

Kim Jenkins, MD of API at Moneyhub, comments: “We know that the fact-finding, onboarding and ongoing reviews can be hugely onerous and time-consuming for businesses and their customers. With Open Finance, this process can be automated and improved so businesses benefit from access to holistic and accurate real-time data at the point of onboarding and throughout the relationship with the customer. 

“We hope this will help improve efficiencies and facilitate more purposeful and useful digital experiences for customers.”