ONLINE FINANCIAL ADVICE SERVICE PARTNERS WITH uSwitch.com

Online financial advice service, OpenMoney, has partnered with price comparison and switching service uSwitch.com, to identify ways in which it can save its customers money on their regular household bills and outgoings.

This new service, which will launch in February 2019 and will be the first of its type to partner with uSwitch using their API for a seamless customer journey, will sit alongside the current OpenMoney proposition providing regulated financial advice on savings and investments including ISAs and pensions.

The new app will allow customers to see in one place their financial position including current accounts, credit cards and receive recommendations from OpenMoney on how to make the most of their money. This could be from switching energy provider to paying lower fees for financial advice on long-term investments.

Rather than the traditional comparison service model which requires the customer to input the information and make the decision on which is the best option, OpenMoney will recommend personalised deals when it is in the customers’ best interest.

OpenMoney, launched as evestor in 2017, was created by Duncan Cameron and Anthony Morrow to make financial advice affordable and accessible to everyone. It has over 10,000 customers and 3,000 investors, with over 1,000 registering every month.

The new service will launch with utilities, broadband and mobile, with credit cards and insurance products coming early 2019.

Anthony Morrow, CEO and co-founder of OpenMoney, said: “Our ambition is simple: To help people make the most of their money. Whether this is by getting better deals on their household bills, reducing the amount of debt they have, building rainy day funds or making long-term investment decisions, we are there to help.”

“What we have found is that people want pro-active advice on what to do with their money and without that then apathy can set-in. By partnering with uSwitch, not only do we get to work with a proven household name in the comparison industry, but we also get to give our customers holistic service and moves us closer to being the one-stop shop for people’s finances.”

Kushal Ghuwalewala, Head of Partnerships at uSwitch, said: “At uSwitch, we’re passionate about helping as many people as possible save on their household bills. We’re excited to be working with OpenMoney and look forward to helping more households pay less for their everyday bills.”