Effective management of personal finances is very crucial in the modern world.
There are many money management applications and platforms in the market, but very few offer the high level of efficiency most people seek.
Most people prefer a money management application that can help them track their expenditure, budget and increase their savings.
In this review of Moneyhub, I look at the key features which make the application stand out.
This post details how Moneyhub is a reliable money management application compared to competitors. I also delve into the downsides so that you’re left with a complete picture of what Moneyhub has to offer.
Table of Contents
Introduction to Moneyhub
Moneyhub was launched in 2014 and uses open banking to achieve effective money management for its users. The open banking system used by Moneyhub combines the information from all the financial accounts (bank, savings, investments, and credit cards) owned by a customer.
Bringing all the customer’s financial information under one umbrella enables effective management and tracking of the user’s financial decisions.
The money management solutions provided by the platform are suitable for enterprises, financial experts, and individuals.
Thanks to the impressive technology used by Moneyhub, the platform has excelled in being an excellent personal finance assistant.
Customers can also contact financial advisors directly when using the application. Besides providing open banking services, Moneyhub offers its customers open finance and data solutions.
The products and services offered by Moneyhub are accessible from the dedicated Moneyhub mobile application and the web version. The platform features intelligent tools curated to meet the customers’ various financial needs and goals.
Users can customise the forum for various financial services they want to provide. Apart from providing instant access to financial data, the platform features faster payments with low fees.
Moneyhub Platform & Mobile Application
Moneyhub is available via a web version and a mobile application. The money management tool is a read-only application.
Thanks to the simplified design and easy-to-navigate layout, users can access all the essential sections of the platform.
The mobile application has the same features and capabilities as the web version, providing users with much more convenience in tracking their finances. It is compatible with iOS and Android devices.
Moneyhub Products
Moneyhub doesn’t handle any funds of its users. Therefore, it doesn’t have any accounts.
Its subscription service allows users to manage their money more effectively by tracking their accounts from other financial institutions using one application.
Moneyhub offers the following products to its users:
Payment
Users are connected to open banking, which allows them to create low-cost and faster payment experiences for their customers. The product is primarily used by enterprises and businesses using the money management tool.
Customers can integrate the Open Banking payment into their system using the Open Banking Payment API. Moneyhub has zero chargebacks, insufficient funds failures, card readers, and schemes.
The Open Banking Variable Recurring Payments (VRPs) increase customers’ resistance to debit cards. It also overcomes increased Direct Debit failure rates. When using Open Banking Payments, customers must pick either the e-commerce option (ideal for businesses) or self-service (suitable for individuals).
The customer authorises all payments. Since Moneyhub is a read-only application, the payments are made by the financial institutions you have accounts with.
Your personal banking information isn’t required when making the transaction as long as the financial account you want to use is linked to Moneyhub.
Personal Finance Technology
Moneyhub provides its users with excellent financial services with its customisable client engagement platform. It has several customised journeys like Pensions Dashboards, Banking, Personal Financial Management, and Savings & Investment, which enhance customer engagement when handling their finance.
They can also customise their payments and deployment of funds based on their needs when using the Moneyhub application.
Unique personal finance technology present on the Moneyhub platform includes:
- Personal finance management platform
- Pensions dashboard
- Actionable insights nudges
- Transaction categorisation engine
Moneyhub offers businesses the Brand Mirror, a new Flexible UI solution. It has extensive customisation and theming, which reflects the brand’s visual identity.
Companies can develop coherent and continuous transitions into various products while leveraging their brand’s identity.
The low code and no code widgets on Moneyhub accelerate the customer’s personal finance proposition. The widgets are designed to effectively embed customer applications and websites with Open Finance, Open Banking, financial assertions, or payments.
The platform also provides users with expert support to the customer’s end users. Moneyhub has a ‘direct-to-customer’ support expert team that works seamlessly with the user’s service solutions. It can be customised to meet the user’s various needs as a business.
API
The Moneyhub API offers instant open data access. Moneyhub’s payments APIs and financial data can help businesses and enterprises increase revenue.
It triggers more meaningful engagements by the company and offers cost-effective and faster payment options than the standard card-based payment options.
The compliant connection API offered by Moneyhub provides high-quality and in-depth data and intelligence. When consolidating different financial accounts in one single point connection, businesses using Moneyhub can create personalised products, services, and offers that enhance the overall customer experience.
Moneyhub has an Account-to-Account (A2A) Open Banking payment, which is faster and more cost-effective than the traditional card-based payment systems. The Open Banking Variable Recurring Payments (VRPs) offered by the platform can overcome increased rates of debit card failures. In the end, they are increasing customer resistance to using direct debits.
Credit Approvals
Businesses can use the Moneyhub decision to get real-time access to their applicant’s financial behaviours and data. They can use these insights to determine the creditworthiness of their applicants, thus allowing a speedier and more seamless lending process.
The feature is handy since it enables the financial institution to determine the financial commitment of their application based on their economic behaviour and data.
Moneyhub also has an Open Banking powered Affordability Dashboard, which gives lenders enhanced affordability. Lenders can provide their applicants with fairer lending decisions and reduced financial exclusion. It also helps them tackle delinquency and reduce overheads, thus saving time.
The Open Data Platform at Moneyhub ensures businesses are FCA Consumer Duty compliant. The data collected gives an in-depth analysis of customer needs and characteristics based on financial behaviour and data.
Moneyhub Features
Users of Moneyhub consolidate all their financial accounts in one single application. Moneyhub grants them access to various features which ensure they achieve effectual money management when using the application:
- Spending Analysis: Moneyhub offers a detailed analysis of the user’s spending habits and data. The monthly report provided by the platform shows detailed spending categorisation while comparing the recent month’s spending with the previous months. Showing which shops the users spend their most money on.
- Budgeting: The mobile application helps budget your monthly expenses and ensure you stick to the planned budget.
- Financial account consolidation: Moneyhub brings all your financial accounts from different financial institutions under one roof, making it easy for one to access their financial data at one point.
- Spending goals: Users can set their spending goals using the Moneyhub application. They can use the spending data of the previous months to make realistic spending goals and track their progress via the platform.
- Custom categories: Moneyhub has an intelligent technology that helps users categorise their transactions. The customisation is done at the transaction inbox, making it easy to plan and customise their payments based on their financial situation.
- Making payments: Even though Moneyhub is a read-only application, it can help ensure you make timely payments set in your spending goals. Some banks allow Moneyhub users to make payments via the application. However, the platform doesn’t handle the funds directly.
- Real-life advisers: Moneyhub provides experts on the various products they have. The financial advisors are suited to meet users’ various financial inquiries. Users can share their financial data with advisors for more detailed professional opinions and help.
- Nudges: Users can get money-saving tips from the Moneyhub platforms. Additionally, the nudges trigger notifications reminding users of due payments and when to make scheduled payments as set in the spending goals.
- Forecasting: Moneyhub has a forecast feature that allows users to determine how substantial future spending will affect their financial health.
Moneyhub Safety
There are various safety concerns by customers, especially regarding open banking. Moneyhub uses open banking as its primary system. It has also partnered with different major banks in the UK.
The platform is managed by Moneyhub Financial Technology Limited, regulated and authorised by the Financial Conduct Authority (FCA). How safe is my data when I use Moneyhub?
Moneyhub has taken several precautions to ensure the data safety of the clients:
- All the data submitted by customers, like financial information, credentials, and personal details, are encrypted. The platform uses bank-level authentication to encrypt the information before storing it separately for more protection.
- The data transmitted on the platforms, from providers to Moneyhub, is handled via encrypted channels. Therefore, online hackers can’t intercept or view the information being shared.
- All the connections to the financial institutions are read-only. Customers need to give their consent before any transaction can be facilitated.
- When logging into the Moneyhub account, users must submit their credentials, password, touch ID, or pin code. The login details aren’t stored in the Moneyhub application because the app separates the user login credentials from the personal information before encrypting the login data.
- The Financial Conduct Authority regulates all the activities of Moneyhub. The platform has also in place bank-level security and authentication.
Since Moneyhub is a read-only application, transactions can’t be made using the application even when one loses their phone.
Users are encouraged to activate the multi-factor authentication feature on their Moneyhub application. The feature makes it more difficult for hackers to access your Moneyhub account.
Providers Connected with Moneyhub
Customers who use open banking can connect the financial institutions they have existing accounts with on the Moneyhub app.
Users can add most UK financial institutions to the Moneyhub platform.
If the financial institution you use isn’t listed on the Moneyhub web or mobile application, you can manually add the financial institutions.
Popular financial institutions which Moneyhub supports include:
- Barclays
- Starling
- Ulster
- HSBC
- Lloyds
- Bank of Scotland
- Monzo
- Nationwide
- Halifax
- RBS
- Santander etc.
You can track your funds once you have linked Moneyhub with your preferred financial institutions. The funds remain in the accounts held by the financial institution and aren’t transferred to Moneyhub.
Moneyhub Fees
Customers can open an account with Moneyhub using the mobile application or the web version. After successfully registering, users pay a monthly fee of £1.49 or an annual fee of £14.99.
New subscribers get the first six months free, and their subscription will kick off when the “trial period” ends.
Paying the annual subscription awards the customers two free months. The platform justifies low rates by assuring its customers that they won’t sell the collected data.
Since customers engage in any transaction, neither does the platform hold any funds; the only fees charged to clients are the annual or monthly fees to use the service.
Moneyhub Customer Support
Customers can contact Moneyhub customer support from the website or the application. The customer support team is contacted on the settings tab under the support icon when using the mobile application.
There are other alternative methods of reaching the customer support team, e.g.:
- Email: [email protected].
- Phone: +44(0) 117 280 5155
- Address: 101 Victoria Street Bristol BS1 6PU
Customers can also get in touch with Moneyhub customer support via the following social media platforms:
- LinkedIn (https://www.linkedin.com/company/moneyhub-enterprise/)
- Twitter (https://twitter.com/moneyhubenterpr)
Pros & Cons of Moneyhub
Pros
- Intelligent money management tools
- Access to financial advisors
- Detailed and real-time spending insights
- Freedom to share financial data with financial advisors
- User’s data not sold to third parties
- User-friendly and easy to navigate
Cons
- Annual and monthly fee
- Doesn’t support some financial providers
Moneyhub Alternatives
If you find that Moneyhub isn’t right for you, there are several alternatives to consider. I’ve given you some options below.
Plum Savings App
Plum is a popular savings application that offers users free automated round-ups and savings features. It has a straightforward sign-up process. Individuals with phone banking applications get automatically linked to the Plum mobile application. The process effectively consolidates all your financial accounts with your bank on the Plum mobile app.
Cleo
Like Moneyhub, Cleo uses spending insights to provide users with the best budgeting and saving service. It provides users with in-depth information about their financial habits to allow effective management of their current and future finances.
Even though the product is designed and customised to serve millennials and Generation Z, it can effectively work for anyone targeting to gain financial control.
Emma
The Emma mobile application has been customised and designed to help individuals with overspending habits. The application connects all the user’s cards, current accounts, savings, credit accounts, investments, pensions, and cryptocurrencies under one umbrella for effective money management.
It uses various intelligent finance tools to identify overspending spots in one’s financial history. Accessing the fantastic features of the Emma money management app is free; the application currently doesn’t charge any fees for its users. The platform also has no interest charges on its services and products.
Moneyhub Review – Final Thoughts
Moneyhub provides the best solution for individuals looking to consolidate all their financial data under one roof for easy access.
The process enables more precise insights into one’s economic behaviour and how one can improve money management habits.
While many money management applications offer free services but don’t sell data to third parties, Moneyhub still stands out with its intelligent features. The competent financial features are suited to meet the needs of individuals, businesses, and enterprises.
In general, the app offers users a more detailed and functional way of enhancing money management.