Moneyhub Selected by Wyzr to Enable Automated Financial Planning
Moneyhub, an Open Data and payments platform, has partnered with financial technology platform Wyzr to enable automated financial planning in the UK.
Powered by Moneyhub's Open Banking technology and Wyzr's artificial intelligence algorithms, the Wyzr platform will kick off its pilot later in April 2022, making it easier for consumers to analyse past and current spending and save for the future.
With data gathered via Moneyhub APIs and sorted through its categorisation engine, Wyzr users can label transactions, giving them 360-degree vision of their finances. For example, the platform can identify a flurry of purchases in retail stores in November and December as Christmas shopping, or payments for plane tickets, car hire, and hotels as holiday expenses. Labelling transactions in this way can enable Wyzr users to see just how much they spent on their last holiday to guide them as to how much they may wish to save for the next time they go away.
The platform enables automated savings goals so users can automatically put aside an amount they can afford each month. Additionally, Wyzr can automatically create monthly budget for its users as a part of their financial plan by analysing their past spending.
Wyzr also has an eco-friendly approach: the platform enables users to track the carbon footprint from their everyday spending and can offset and reduce it.
(Source: The Paypers)
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