(pictured: Jon Shaw)
Moneysoft, an online money management and budgeting platform, is widening its marketing effort to include big super funds which are looking to enhance the member engagement tools on their websites.
The fintech company launched to advisors in July 2014 after a soft launch two years earlier with consumers. It last week announced it had integrated two data aggregation platforms, eWise and Yodlee, to gather client account balance and transaction data. For big super funds, Moneysoft’s budgeting tool can be combined with their calculators, robo-advice tools or scalable advice.
Jon Shaw, the company’s head of operations and technology, said the growth of new advice models had encouraged advisors and super funds to automate time-consuming and repetitive jobs to make the provision of personal advice more efficient and cost effective. It was a small step to widen the advice to include budgeting and savings management.
Moneysoft’s primary data provider, Yodlee, requires users to provide their online banking usernames and passwords via secure encrypted communication. Yodlee stores the information on its centralised server in order to collect account data, which is then shared with authorised parties using encrypted key identifiers.
Moneysoft last week announced it had added eWise to the platform, which operates on patented digital safe technology that doesn’t require users to share their online usernames and passwords with a third party. It stores a person’s information in an encrypted vault directly on the user’s devices.
Moneysoft’s current client base includes ANZ Bank, RI Advice, ClearView and Matrix Planning Solutions.
Shaw said: “With Moneysoft, advisors and super funds can retrieve client and member account balance and transaction data from a diverse range of financial products including bank accounts, credit cards, personal loans, mortgages, managed funds, share trading accounts, wrap platforms and superannuation funds.
“Moneysoft also provides live property valuations and enables the manual entry of any other non-financial assets and liabilities to deliver a comprehensive view of a client’s overall financial position and insight into their financial and investment behaviour.”