Open data money management app Moneyhub has joined forces with fintech platform Wyzr to create “a first for the UK market”, the firms said in a statement.
The partnership will help enable “automated financial planning”.
Powered by Moneyhub’s open banking technology and Wyzr’s artificial intelligence algorithms, the Wyzr platform will kick off its pilot later this month to allow 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 and identify their spending patterns.
Using the data, the platform enables automated savings goals so users can automatically put aside a figure they can afford each month.
The firms say that this “is a big leap forward from other money management apps on the market”. Additionally, Wyzr can automatically create a monthly budget for its users as a part of their financial plan by analysing their past spending.
Sam Seaton, chief executive 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, co-founder at Wyzr, added: “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.”