Digital financial advice service, OpenMoney, has announced a new partnership with The Co-op Credit Union (CCU) to provide services to its membership.
The move will allow members to use the OpenMoney app with a range of budgeting and tools along with access to investment and mortgage advice.
Findings from OpenMoney’s 2020 Advice Gap research found that 20.8 million UK adults who would potentially benefit from advice are unaware of free advice services or unable to access them.
As part of its mission to close this advice gap, OpenMoney indicated that it wants to raise awareness around this free and affordable financial advice to members of The CCU.
“Credit unions play a vital part in financial services, giving their members an attractive and convenient way to save and a cheaper way to borrow if needed,” said OpenMoney co-founder, Anthony Morrow.
“Due to the structure of credit unions they often struggle to compete in terms of technology and marketing with their heavily-funded, more expensive, competitors. Our partnership will allow them to bring our technology to their members and their services to more people.”
The CCU CEO, Matt Bland, added: “We have a long history of providing a range of affordable financial services to our members and our partnership with OpenMoney paves the way for us to go beyond our core savings and loans services to support even more people with their finances.”
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