Christmas retail credit report, Bridging the Advice Gap, Payments woes research & more...

Christmas retail credit report, Bridging the Advice Gap, Payments woes research & more...

Welcome to the Moneyhub Monthly Update, including the latest useful content, product updates, events and insights from the world of Open Banking & Open Finance.

This month we're looking at:

  • The latest insights and trends in festive retail credit usage in our new Christmas Retail Credit Report ??
  • Bridging the advice gap with WPS Advisory Limited ??
  • Our new research into payment pain points for consumers ??
  • Webinar replay: The future of customer experience in banking and how to get there ??


Download: The 2024 Christmas Retail Credit Report

Mock up of booklet with 'Christmas Retail Credit Report - the open banking opportunity' on the cover

Our latest research has revealed that two-thirds of Brits have used to plan to use retail credit during the Christmas season.

But, for many people, the excitement of holiday spending can quickly become the stress of managing repayments in the New Year, as we also found that 64% of those using retail credit for Christmas struggle to repay it.

Download the full report for an in-depth analysis of consumer credit usage during the Christmas period and exclusive insights into the open banking opportunity for retailers and lenders ??


Bridging the Advice Gap with WPS Advisory

A screenshot of the WPSA app LifeStage as if it is on a phone

WPS Advisory Limited have built their business on providing high-quality financial advice through the workplace, helping people to make informed decisions about their finances based on their values, objectives, wants and needs. It seeks to drive financial empowerment through making retirement advice, wider financial advice and financial education more affordable, and accessible to its clients’ employees.

WPS Advisory chose to partner with us to develop LifeStage, an app designed to empower users to make informed financial decisions, based on their circumstances and goals.

Simplifying money management

LifeStage is set up to help employees visualise their money today, tomorrow, and into the future with ease. Drawing on a range of our Open Finance features, the app enables users to understand their income, expenditure, savings, investments, debts and pensions at a glance.

It is designed to put users' financial plans in their pocket, with features embedded to test the resilience of their plan, and crucially, help users spot changes quickly which could send their plan off track.

Read the full case study →


Payments research: Nearly 1 in 10 have accidentally made a payment to the wrong person

Current payment methods are still subject to human error and worries according to our new payments research , that revealed that close to one in 10 (9%) have accidentally transferred money to the wrong recipient.

A further 8% said they have received money from someone they didn’t expect, or didn’t know, while 14% have been paid incorrectly by their employer in the past.

Read the full post ??


Webinar replay: The future of customer experience in banking and how to get there


Pictures of Jon Hart and David Birch accompanied by the webinar title 'The future of customer experience in banking'

???With rapid technological advances and evolving customer needs, is your bank ready for the future? Catch up on our webinar with n Jon Hart and Digital Financial Services author and commentator David Birch where they discussed leveraging open banking and AI to craft exceptional customer experiences.

Watch the replay ??


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