The collaboration will allow users of Wealth Wizards’ financial advice chatbot, MyEva, to link their financial accounts – including bank, credit card, investment, savings and borrowing – to the app.
MyEva helps users improve their financial situations with independent personalised guidance and advice throughout key life stages – whether they are clearing debt, building up savings, buying a home or preparing for retirement.
It does this by offering help, information and nudges on a range of personal finance matters, as well as regulated pensions and investments advice.
The Moneyhub integration will make that advice and guidance even more relevant to users by linking it to real-time data about their finances.
Wealth Wizards also aims to white label the proposition – so that financial institutions can build their own applications based on the collaboration – and to build the integration into its platform for financial advisers, Turo.
Andrew Firth, Co-founder and CEO of Wealth Wizards, said: “This is a genuine milestone in personal finance. Together with Moneyhub, we are bringing to market a 24/ 7 digital companion that will offer highly personalised guidance and regulated advice based on real-time developments in the financial lives of users. That means it will be there at the very moments that users need it.
“It will not only make advice more personalised for people accessing it directly through apps like MyEva but it will power-up the work of financial advisers using our Turo tool with their clients by making it even more efficient and effective at gathering relevant data.”
The Moneyhub and Wealth Wizards partnership leverages Open Banking regulations, which allow people safely and securely to connect their bank accounts with regulated third parties, offering a host of new benefits.
Sam Seaton, CEO of Moneyhub, said: “Open Banking empowers individuals to make better money decisions through giving them access to real-time information on their finances. Our financial lives are fragmented, which can make it hard to see the full picture and even harder to properly plan for the future. A more holistic approach to advice and money management will ultimately lead to more financially independent individuals ready for whatever life brings.
“Asking for help is a key stepping stone to a better financial future, and the development of the first 24/7 financial advice chatbot, one that pulls in all your financial information, has the potential to be transformative. We are thrilled to be working with the team at Wealth Wizards to provide this innovative solution.”
MyEva is available to individuals and is offered through employers. Users have included technology firm Ricoh, Central and North West London NHS Foundation Trust (CNWL) and PVH, whose brand portfolio includes Calvin Klein and Tommy Hilfiger.
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Wealth Wizards is a market-leading financial advice technology provider. Our founding purpose is to make financial advice affordable and accessible to all. Our end-to-end technology platform allows customers to automate regulated customer journeys to engage, advise and execute on everyday financial planning decisions that improve financial wellbeing. Wealth Wizards is based in Leamington Spa, UK, and has 80 employees.
Wealth Wizards’ digital financial guidance and advice products and services combine leading-edge technology, financial services expertise and a market-leading capability to create and deliver an empathetic connection with a diverse customer audience. Three customer propositions have been developed which are applicable to a wide range of end markets globally: Turo Digital, Turo for Advisers and MyEva. Turo Digital and Turo for Advisers are a B2B white-label platform launched in 2015, targeted at the financial services industry. The third proposition, MyEva, is an own brand regulated digital ‘chatbot’ adviser targeted at employers and the financial wellbeing market that was launched in June 2019.
Moneyhub is an award winning, people first financial management platform designed to empower individuals, advisers and business to have complete control and clarity over their finances. It consolidates data from every source into one place so people can easily see and engage with all of their finances – from current accounts to credit cards, loans to investments and pensions. Built using holistic AI, Moneyhub delivers insights that support people to understand and engage with money, including saving and planning for the future. This with automated administration of multiple accounts has lasting, direct impact on financial wellbeing.
For businesses, Moneyhub gives unprecedented understanding of customer needs, behaviours and aspirations that supports development of targeted and innovative products to suit their individual requirements. This adds value, increases loyalty and can directly benefit the sales cycle. The system is available off shelf as a standalone or can be embedded into existing digital propositions via API.
Moneyhub has a proven approach and exceptional security standards including ISO27001 certification. Moneyhub and Moneyhub Enterprise are trading styles of Moneyhub Financial Technology Limited which is authorised and regulated by the Financial Conduct Authority (FCA). Moneyhub is a registered trademark of Moneyhub Financial Technology Limited and entered on the Financial Services Register (FRN 561538) at fca.org.uk/register. Moneyhub Technology Limited is registered in England and Wales with company number 06909772.