Financial Wellness, AI, Consumer Duty & More | Moneyhub October Update

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

This month we're looking at:

• How banks can thrive amongst digital disruption ??
• The Impact of AI on Open Banking and Open Finance ??
• Consumer Duty industry expert interviews ??
• The financial wellbeing opportunity presented by Open Banking payments ??
• Our two big scoops at the Open Banking Expo Awards ??
• Where you can find us next ??

Blog: How can banks thrive in a disruptive landscape? Focus on financial wellness

In today's rapidly evolving banking industry, technology and user experience play a crucial role in providing innovative financial solutions. The emergence of digital platforms, mobile banking apps, and online payment systems has fundamentally changed the way customers interact with banks.

Customers now expect seamless and convenient digital experiences, forcing banks to invest heavily in technology and user experience to stay competitive.

So, now the majority of banks have their own modern and intuitive apps, how do they differentiate themselves?

The key to thriving in this disruptive landscape will be going beyond surface-level advancements and shifting from product centricity to customer centricity and personalisation.

And banks can only truly become customer-centric by adopting Open Finance technology. Read the full post ??

Download: The impact of AI on Open Banking & Open Finance

It's hard to avoid discussion of AI these days - but what does this mean for the Fintech industry?

Amidst the rapid adoption and constant discussion, it's hard to know what is worth paying attention to and what this means for us personally.

Dave Tonge , our CTO and long-time trailblazer in the industry, reflects on the evolution of AI in Fintech and dives into large language models, outlining both the opportunities and cautions that they offer.

Download the full white paper to read Dave's article ??

Watch: Consumer Duty - The Inside Track

In this month's Inside Track video, Suzanne Homewood spoke to the brilliant Ruth Persian from BIT about:

?? The key principles of behavioural science

?? How these principles drive financial decisions

?? The role of customer data in understanding consumer outcomes

?? Some practical tips to apply these insights to help your own customers make better financial decisions

Watch the full interview (and sign up for access to the rest of the Inside Track series) here ??

Download: Unlock financial wellbeing with Open Banking payments

Sex. Politics. Religion.

Money is such an uncomfortable topic that, in a 2022 study, 40% of respondents said they'd rather discuss any of these three others instead.

Because Open Banking combines comprehensive (and secure) access to payment data and instant payments, it also holds the potential to dramatically enhance financial wellbeing, helping people manage their money more effectively and take control of their financial future.

Find out why better financial wellbeing isn't just good for consumers, but benefits merchants, banks, and other financial services providers, too ??

We won in TWO categories at the Open Banking Expo Awards!

We were thrilled to have scooped up not one, but two Open Banking Expo awards this month for:

?? Best Open Finance Application

?? Best App

Congratulations to all other winners and nominees! View the fill list of 2023 winners ??

Where to catch us next ??

• Simon Ripton MBA will be speaking on the panel for Building Financial Inclusion: Tech, Collaboration, and Community Empowerment a FinTech Global and Rise, created by Barclays event as part of #GWTS23 | 31st October, London | Register ??
• Samantha Seaton will be speaking at the FE fundinfo Client Conference 2023 on an industry leaders panel | 2nd November, London | Register ??
• Chanelle Bramble is heading to the FTT Fintech Festival, drop her a message to arrange a meeting | 13-14th November, London | Register ??
• Matt Swinburne-Johnson is heading to the Corporate Adviser Master Trust & GPP Conference, drop him a message to arrange a meeting | 22nd November, London | Register ??

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If you'd like to find out more about Moneyhub and how we can help you, explore the website or get in touch ??