Fintech in action - helping financial capability...Fintech in action - helping financial capability...
Transcript of Fintech in action - helping financial capability...Fintech in action - helping financial capability...
![Page 1: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/1.jpg)
Fintech in action - helping financial
capability
By Jon Hart
21/07/2017
![Page 2: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/2.jpg)
Moneyhub Enterprise
➢ Moneyhub v1 was launched in 2013
➢ Moneyhub v2 released in 2015 with a new consumer
centric design and user-led interface
➢ Founding member of FDATA
➢ Represented the Fintech industry at the FCA, CMA and
the EBA
➢ Heavily involved in Open Banking, PSD2 RTS and
Pension Dashboard consultations
“Empowering consumers to make better financial decisions”
![Page 3: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/3.jpg)
Challenges to financial capability “Financial capability is the combination of attitude, knowledge, skills, and self-efficacy needed to
make and exercise money management decisions that best fit the circumstances of one's life” Microfinance Opportunities (MFO) - Nov 2013 - https://cfi-blog.org/2013/11/01/what-is-financial-capability/
➢ Don’t fully know their financial situation
● Lack of visibility - multiple locations for finances
● Lack of understanding
➢ Don’t have the skills or capability to make a change
● Don’t have the skills to keep track of finances
● Don’t know how to pick the best products
➢ Don’t believe they can make a change
● Don't feel empowered to make a change
➢ Consumer apathy
● Making the changes requires a lot of time and effort
![Page 4: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/4.jpg)
Challenges to financial capability “Financial capability is the combination of attitude, knowledge, skills, and self-efficacy needed to
make and exercise money management decisions that best fit the circumstances of one's life” Microfinance Opportunities (MFO) - Nov 2013 - https://cfi-blog.org/2013/11/01/what-is-financial-capability/
![Page 5: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/5.jpg)
Moneyhub’s solution
![Page 6: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/6.jpg)
All your finances in one place
➢Effortlessly connect all your financial
accounts
✓ Cash accounts
✓ Loans
✓ Mortgages
✓ Pensions
✓ Investments
✓ Other assets/liabilities
![Page 7: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/7.jpg)
All your finances in one place
➢ View details and transactions on
individual accounts; reducing the
need for multiple online banking
apps/websites
![Page 8: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/8.jpg)
Minimising administration
➢Transactions are downloaded directly
into Moneyhub
➢Push notifications when new
transactions are downloaded
➢Machine learning algorithms
automatically categorise transactions
➢Recognises similar transactions
➢Learns personal preferences
![Page 9: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/9.jpg)
User friendly
➢Complex financial situations displayed in
accessible and easy to understand
visualisations
➢Set budgets and spending goals to keep
on top of day to day spending
➢Cards on Moneyhub’s home screen
surface useful information directly to the
consumer, when they log in
![Page 10: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/10.jpg)
User friendly
➢Complex financial situations displayed in
accessible and easy to understand
visualisations
➢Set budgets and spending goals to keep
on top of day to day spending
➢Cards on Moneyhub’s home screen
surface useful information directly to the
consumer, when they log in
![Page 11: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/11.jpg)
User friendly
➢Complex financial situations displayed in
accessible and easy to understand
visualisations
➢Set budgets and spending goals to keep
on top of day to day spending
➢Cards on Moneyhub’s home screen
surface useful information directly to the
consumer, when they log in
![Page 12: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/12.jpg)
Where can Moneyhub help
improve financial capability?
![Page 13: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/13.jpg)
I keep on getting
charged for going
into my overdraft
Occasionally I
have a little extra
money in my
account
How much does
my “free” current
account actually
cost me?
Do I have the
most suitable
credit card for my
spending habits?
![Page 14: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/14.jpg)
I keep on getting
charged for going
into my overdraft
Occasionally I
have a little extra
money in my
account
How much does
my “free” current
account actually
cost me?
Do I have the
most suitable
credit card for my
spending habits?
![Page 15: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/15.jpg)
Overcoming challenges to financial capability “Financial capability is the combination of attitude, knowledge, skills, and self-efficacy needed to
make and exercise money management decisions that best fit the circumstances of one's life” Microfinance Opportunities (MFO) - Nov 2013 - https://cfi-blog.org/2013/11/01/what-is-financial-capability/
➢ Knowledge
✓ All your finances in one place
✓ Easy to use visuals
➢ Skills
✓ Intelligent insights nudge to take action
✓ Best products surfaced for individual circumstances
➢ Self-efficacy
✓ Consumers believe they can make a change to their financial situation
➢ Attitude
✓ Increased engagement with finances
![Page 16: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/16.jpg)
Any questions?
![Page 17: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/17.jpg)
Additional slides
![Page 18: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/18.jpg)
![Page 19: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/19.jpg)
![Page 20: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/20.jpg)
![Page 21: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/21.jpg)
![Page 22: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/22.jpg)
![Page 23: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/23.jpg)
![Page 24: Fintech in action - helping financial capability...Fintech in action - helping financial capability By Jon Hart 21/07/2017 Moneyhub Enterprise Moneyhub v1 was launched in 2013 Moneyhub](https://reader033.fdocuments.in/reader033/viewer/2022051920/600d0e70d946d90ad0000dc5/html5/thumbnails/24.jpg)