Moneyhub has partnered with financial technology platform, Wyzr, to enable automated financial planning.

The Wyzr platform will pilot later this month allowing consumers to analyse past and current spending.

Powered by Moneyhub’s open banking technology and Wyzr’s artificial intelligence algorithms, data gathered via Moneyhub APIs and sorted through its categorisation engine will allow Wyzr users to label transactions and improve understanding around their finances.

The platform will enable automated savings goals so that users can automatically put aside an amount they can afford each month, and Wyzr can also automatically create a monthly budget for its users as part of their financial plan by analysing their past spending.

“Having the full picture of your finances is the first step on the road to financial wellbeing and a more prosperous future,” said Moneyhub CEO, Sam Seaton.

“As such, it's been a delight to partner with Wyzr to bring the power of open banking to the world of financial planning, enabling financial knowledge to become the basis of a powerful solution to increase savings.”

Wyzr co-founder, Ajit Barik, added: “Many people fall at the first hurdle with financial planning because it is labour intensive and time consuming. Categorising your finances and automating your spending and saving is the smart and easy way to plan for your future.

“It was Moneyhub’s breadth of open banking connections and its data categorisation engine that made Moneyhub our technology partner of choice.”

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