In a drive to help consumers to keep their financial New Year resolutions, and as part of a broader campaign to make financial advice more widely accessible, the progressive national financial adviser LEBC is set to launch its innovative 'Bionic Advice’ service.
Bionic Advice is the concept devised by LEBC Chief Executive, Jack McVitie, who identified the need to provide an affordable service to consumers by combining access to human advisers with technology. Central to the newly defined proposition is Hummingbird, an app which allows consumers to access key information on their spending, savings and investments, all in one place.
Developed in conjunction with Moneyhub, the app enables users to see the balance of their bank accounts and credit cards, information on their savings and investments, including pensions and ISAs at a glance. Hummingbird enables users to organise their spending into set categories, to set goals and budgets.
The app gives users access to LEBC’s Bionic Advice zone, where initially, consumers will be able to access wills, mortgages and life insurance services through selected partner firms¹. It also provides a link to live chat with an LEBC adviser on a wide range of financial topics, including tax-efficient investments, planning for retirement, inheritance and intergenerational wealth, later life planning and education funding – offering regulated advice as required.
Jeremy MacLeod, Managing Director, LEBC Hummingbird, who has led the development of the new service said: “Everyone who has a home and assets is aware of the need to have a will, and those with mortgages know they should shop around for a good deal and have life cover in place to ensure the loan is repaid, but people do not always get organised, however well intentioned. Bionic Advice aims to make these tasks easy and cost-effective to complete.”
Samantha Seaton, Chief Executive Officer at Moneyhub is delighted to have partnered with LEBC, its first IFA partner. She said, “People’s financial lives are increasingly fragmented and often unpredictable. Open Banking has created the opportunity for a more holistic approach to advice and money management with the emergence of live life planning. By empowering users and enabling advisers to access clients’ digital financial network, advice can be hyper-personalised without the additional costs typically associated with that level of service. Hummingbird is leading the way when it comes to making impactful financial advice more accessible and Moneyhub is thrilled to be helping power such an innovative solution.”
In developing the app, LEBC decided that Hummingbird would not allow transactions to be made. Instead it enables users to see their investments, savings, pensions, income and outgoings in one place, without fear of being compromised. LEBC sees this as an important security measure as nobody can move funds from any of the accounts loaded. Live reporting of transactions via the app acts as an early warning of any unauthorised access on any of the users’ accounts.
Users also have an option to grant access to their app to others, for a limited period or on a permanent basis – to say an attorney or relative helping to look after someone else’s finances. The app provides real time updates on all spending and transactions, so unusual account activity is quickly spotted and accounts running with low balances alerted. Hummingbird will also help to reduce the cost of financial advice where the user allows their adviser access to the data.
The app costs just 90p per month or £9.99 for a year – and it is free to LEBC clients subscribing to the firm’s annual review service.
“Our app and Bionic Advice offering is designed to make it easy for consumers to manage their money, access the basics of financial well-being and set the foundations for a financially healthier 2020,” adds MacLeod.
¹ Research has shown that UK consumers are less willing to adopt tech driven devices than their European counterparts with only 20% of over 55s and 50% of 24-35-year olds embracing the convenience they offer, this for fear that their personal data may be compromised. Research undertaken by Fujitsu amongst 2,041 consumers, as reported in the i newspaper, 7 December 2019.
Press contacts
Moneyhub:
David Sells/Eleanor Ross at Teamspirit for Moneyhub
moneyhub@teamspirit.uk.com / 020 7360 7878
LEBC:
Kay Ingram, Director of Public Policy, LEBC Group
07500 843628
Gordon Puckey, Phoenix Financial PR
07799 767 468
gordon@phoenixfinancialpr.co.uk
Stephanie Spicer, Phoenix Financial PR
07879 811 102
stephanie@phoenixfinancialpr.co.uk
Notes to Editors
About the Bionic Advice service
¹ LEBC’s service partners are presently as follows:
Will writing services will be provided by Gosschalks Solicitors. The consumer will be able to complete an online form to explain their wishes and talk through their requirements with a qualified solicitor.
Mortgages will be sourced in conjunction with Mojo Mortgages, whose online comparison site can deliver a selection of offers within minutes; this includes residential mortgages, re-mortgages and buy to let loans.
Life assurance will be provided by Direct Life, offering a cost comparison service and online application process, enabling simple life cover to be put in place within minutes. Direct Life’s service includes access to a tool (provided by iPipeline) to help calculate how much cover is right.
About LEBC Group (‘LEBC’)
LEBC is a national IFA, pensions and employee benefits consultancy providing impartial financial solutions for individuals and organisations alike. Its services are delivered by specialist, qualified financial advisers and knowledgeable, dedicated support staff at 14 branch locations spread throughout the UK: Birmingham; Bristol; Cambridge; Canterbury; Cardiff; Edinburgh; Hull; Leeds; Leicester; London; Maidstone; Manchester; Newcastle and Reading.
LEBC Group Ltd is authorised and regulated by the Financial Conduct Authority. Registered address: 1285 Century Way, Thorpe Park, Leeds, West Yorkshire LS15 8ZB. LEBC Group Ltd is entered on the Financial Services Register under reference 760755. Registered in England and Wales Company number 03995199.