With the rising cost of living and 11.5 million UK residents having less than £100 in savings, building financial security can feel overwhelming. However, setting clear financial goals significantly improves the likelihood of success—those who set goals are 10 times more likely to achieve them. Additionally, 83% of goal-setters report improved financial confidence within a year.
To bridge this gap, Moneyhub has launched its Savings Goals API, a powerful tool that helps financial institutions empower customers to save efficiently. By integrating Open Banking technology, this innovative API allows users to set, monitor, and stay committed to their savings objectives, enhancing customer engagement and financial well-being.
How the Savings Goals API Works
The Savings Goals API provides a seamless, automated savings experience tailored to individual financial goals. Customers can:
✅ Link their accounts – Connect both current and savings accounts via Open Banking.
✅ Set savings goals – Define a goal with a name, target date, amount, and personal notes.
✅ Track progress visually – Access real-time insights with detailed progress reports.
By providing clear financial tracking, this API encourages users to stay on course and maintain motivation, making saving feel effortless and rewarding.
A Game-Changer for Financial Institutions
Kim Jenkins, Managing Director of API at Moneyhub, emphasizes the impact:
“Living paycheck to paycheck makes long-term financial planning difficult. Whether saving for a holiday, a major life event, or a dream purchase, our Savings Goals API gives financial providers the tools to support their customers’ financial resilience. By enabling them to articulate and track their financial aspirations, institutions can enhance customer satisfaction and loyalty.”
This API seamlessly integrates into existing banking apps or new platforms in development, making it easy for financial institutions to adopt. Despite the untapped potential of Open Banking, this technology presents a unique opportunity for banks and fintech companies to enhance customer experiences while promoting better financial habits.
By leveraging the Savings Goals API, financial providers can help customers take control of their money, fostering financial stability and confidence in an ever-changing economy.
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