Moneyhub has unveiled a new tool for wealth advisers and financial planners aimed at increasing efficiency, lowering onboarding costs and most importantly increasing good financial outcomes for customers.

Its Fact-finder API Recipe utilises the potential of open finance and empowers 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.

Through the Moneyhub Fact-finder API 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. Nudges can also immediately notify financial advisers of pertinent information and changes to their customers' circumstances to ensure advice remains appropriate.

Businesses can also 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.

Moneyhub says the solution 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-personalised service can obviously support.

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.”

The Fact-finder API Recipe offers businesses deeper and richer customer insights, including connections to investments, pensions, properties and mortgages.