Moneyhub has partnered with financial analytics firm, Envizage, to deliver an open banking-powered financial planning application.

The platform, called the Happiness Navigator (HapNav), is a digital planning solution that allows end consumers to identify and manage risks to their future financial plans.

It is to be powered by Moneyhub’s open banking data and Envizage’s simulation capabilities.

Moneyhub also suggested the open banking-powered solution will make a significant contribution to bridging the “advice gap: that millions of people in the UK fall into to the detriment of their financial health.

The data and analytics provided by Moneyhub and Envizage’s APIs will allow users to understand the consequences of their financial choices, navigate potential trade offs and plan for the future.

“Open banking and open finance is enabling smart customer-centric propositions to be developed in all areas of financial services and financial planning is one sector that is ripe for this disruption,” said Moneyhub CEO, Sam Seaton.

“As the industry begins to innovate in order to comply with the upcoming consumer duty rules, better data-sharing powered by open data will ensure businesses understand their customers and can offer them the very best tools and products.”

Envizage co-founder and CEO, Vinay Jayaram, added: “Without a firm grounding in your present reality, projections about your future will be hazy at best, which is why the combination of real-time data with simulation technology is so powerful. And that is why the partnership with Moneyhub, which is the data backbone for the HapNav app, has been so valuable for us and has made the app a huge success.”

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