Home Finance Moneyhub teams up with Wyzr to automate financial planning 
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Moneyhub teams up with Wyzr to automate financial planning 

by uma
93 views
gawdo

 

Bristol, 20 April 2022 Moneyhub, the market-leading Open Data and payments platform, is partnering with financial technology platform Wyzr to enable automated financial planning, a first for the UK market.

Powered by Moneyhub’s Open Banking technology and Wyzr’s artificial intelligence algorithms, the Wyzr platform will kick off its pilot later this month making it easy 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.

Armed with that data, the platform enables automated savings goals so users can automatically put aside an amount they can afford each month. That is a big leap forward from most other money management apps on the market, which require users to figure out how much they spend on each category instead of working it out for them. Additionally, Wyzr can automatically create monthly budget for its users as a part of their financial plan by analysing their past spending.

Wyzr also stands out for its eco-friendly approach: the platform enables users to track the carbon footprint from their everyday spending and can easily offset and reduce it.

Behind Wyzr is a team of distinguished quantitative finance professionals who are bringing applied Machine Learning to personal finance.

Sam Seaton, CEO at Moneyhub said: “Having the full picture of your finances is the first step on the road to financial wellbeing and a more prosperous future. As such it’s been a delight to partner with Wyzr to bring the power of Open Banking to the world of financial planning, enabling financial knowledge to become the basis of a powerful solution to increase savings.”

Ajit Barik at Wyzr said: “Many people fall at the first hurdle with financial planning because it is labour intensive and time consuming. Categorising your finances and automating your spending and saving is the smart and easy way to plan for your future.It was Moneyhub’s breadth of Open Banking connections and its data categorisation engine that made Moneyhub our technology partner of choice. In addition, Moneyhub’s sandbox, which provides a supportive environment for fintechs to experiment and innovate, proved a crucial testing ground and invaluable resource for Wyzr.”

 

www.gawdo.com

You may also like