Financial advice platform OpenMoney partners with Equifax to broaden its money management tool
Manchester based financial advice platform OpenMoney has announced a four year contract with Equifax, the credit reference agency, so that it can provide free credit report services to OpenMoney customers.
The offering will be free to customers through the OpenMoney app, and the partnership is designed to help those wanting to reach their financial goals, using the credit score functionality to help them understand their overall financial health.
Equifax - which offers a comprehensive credit score and identity fraud protection service - will be available on the OpenMoney app from April 2021, bolstering OpenMoney’s commitment to provide a completely personalised personal finance service, through just one mobile app, making life easier and simpler for customers.
The OpenMoney app will combine Equifax credit data with data provided through Open Banking, enabling customers to see a complete picture of their finances including any bank, savings and investment accounts. Advice around saving money on bills, building up rainy-day funds, repaying debt and buying a house along with long-term investments will then be recommended where appropriate for the customer.
Nearly a quarter of adults (21 per cent) think about their financial situation every day*, and according to OpenMoney’s annual Advice Gap report 2020**, over two in five (41 per cent) people said they would benefit from free access to money advice to help with managing money and making financial decisions. The partnership is the next step for OpenMoney in closing this advice gap and helping more people to manage their finances more effectively in one place.
Speaking about the partnership, OpenMoney co-founder Anthony Morrow said:
“This partnership will further enhance our ability to provide proactive financial recommendations to our customers on a truly personalised level. It also takes us one-step further to being a one-stop shop for peoples finances wherever they are whether looking to get control of their money, buy a house or make adequate savings for their future.”
“Our plans for 2021 will see us reach even more people, helping them make the most of their money and, most importantly with the uncertainty we live in, avoid making the poor decisions that can take years to rectify. Equifax, with their scale and experience in the credit and data space, are the perfect partner to help us achieve this.”
Mark Bratley, Sales Director at Equifax said: “This joint venture with OpenMoney is a great opportunity for the Equifax service to reach a wider community and help individuals better understand their own credit information, and how it can influence their ability to get credit. At Equifax we are keen to help all UK consumers live their financial best and be credit ready when they need it.”
The OpenMoney and Equifax partnership is the first of its kind in the UK, with no other personal finance tool on the market able to offer a free credit report and score facility combined with a full range of advice services including investments.
*YouGov survey September - October 2018
**OpenMoney Advice Gap survey 2020