Smart Saving
API RECIPE
Support your customers’ financial journey through personalised and automated saving.
Millions of people are struggling to save.
No one can escape the effects of the current cost-of-living crisis. Whether it’s the need to dip into savings - we saw record withdrawals from savings in recent months - or the need to take out loans to pay for food or bills, it’s impacting everyone. With 11.5 million people in the UK having less than £100 to fall back on, the need for financial education and support in savings is a necessity. Your customers need it. Our economy needs it.
Our solution
Make saving personal and automated
With enhanced visibility through Open Banking and Open Finance offers, you can help customers identify their realistic savings goals and expedite the process. The right mix of account aggregation and nudges
Prompt healthy financial actions with nudges
With the data in hand, nudges instigate action. With the data in one view, nudges can trigger the right questions at the right time, helping more customers build their savings and become more financially resilient.
The core capabilities or the ‘ingredients’ that you’ll need to bring Smart Saver to life in your business, include:
Account Connection
Transaction Categorisation
Counterparty Analysis
Income & Spending Analysis
Payment Initiation (VRP)
A customer would walk through the following steps:
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Using our Open Banking APIs, your customer is able to connect their current account to your product, allowing the flow of data.
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Our AI-driven data analysis and insights provide your customer with a recap of their incomings and outgoings, highlighting the available money typically remaining each month.
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Your customer is able to review and edit or confirm the amount to be transferred into savings each month. The payment is then set up.
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A push notification is triggered each time money is transferred, allowing full visibility to their savings activity.
“Setting and achieving financial goals should not be the preserve of the super-rich: everyone should be able to make the most of their money. Moneyhub technology can help people achieve this.”
Sam Seaton, Moneyhub CEO
Choosing the ‘nudges’ that suit your offer
‘Nudges’ are the prompts that can appear in your offer that ask specific questions to your customer, dependent on their circumstance and goals. Perhaps it’s payday and you want to instil the habit of ‘paying them first’. You could prompt them to sweep spare cash to a savings account. Additionally, your customer may have underspent a budget they have in place. A nudge could encourage them to save the remainder. The opportunities are endless and customisable based on how you would like to serve your customers.
Partnership through the process
We will meet to understand your business and products/service you’re offering
We’ll provide a proposal with the precise use of the ingredients and nudges, ensuring it works within your existing business architecture.
We continue to support you through the implementation, optimising as we go.
Ready to see it for yourself?
Have a look at our documentation or send along to your tech team.
