"In the future, Open Banking and AI will allow the Society to offer even more tailored and personalised services to our members. "
Nationwide has invested in financial management platform Moneyhub, which consolidates accounts from different providers into one place.
Using Open Banking and applying AI, Moneyhub can consolidate investments, savings, mortgages, loans and pensions accounts into one place, which users can then share with financial advisers.
The technology allows automation of much of the fact find process and can provide ‘live’ insights into financial behaviour.
Moneyhub recently secured authorisation as a Payment Initiation Services Provider, allowing users to make payments and bank-to-bank transfers immediately alongside seeing all their financial information in one place.
This investment means Nationwide has a minority stake in the company and marks the building society’s third deal as part of a £50 million Venturing Fund designed to create partnerships with start-ups.
Tony Prestedge, deputy chief executive at Nationwide Building Society, said: “It’s important that the Society invests for the future to ensure we remain at the forefront of innovation. Investing in start-ups like Moneyhub helps us identify, learn about and explore new capabilities and technologies that will help deliver our technology strategy both now and in the future.
“While many people will have heard of Open Banking and AI technology they may not be able to tell you much about how they are starting to impact their day to day lives, but we believe they are game changers for the financial services industry. In the future, Open Banking and AI will allow the Society to offer even more tailored and personalised services to our members. While we have years of experience in innovating and unlocking the benefits of new technology, we aren’t complacent. We know that by working together with start-ups we can learn from each other and ensure we are best placed to help our members get the most out of new technology in the future.”
Sam Seaton, CEO of Moneyhub, added: “Nationwide shares our vision of enhancing the lifetime financial wellness of people, businesses and communities. Their investment proves the strength of our proposition and demonstrates the benefits at an individual and enterprise level of data aggregation, categorisation and insight led, actionable nudges. Moneyhub’s platform and API gateway, shows the potential of Open Banking, AI based data analysis and a customer first culture to power a step change in how financial services is delivered.”