Open finance partnership platform, mmob, has announced the addition of a wave of new partners to its open finance network. Including prominent brands such as PensionBee, Upside, and Glint Pay, the latest signings enable banks and large fintechs to quickly and easily embed a plethora of services to their online ecosystems from a range of industries including pensions, alternative payment offerings, money transfers, multiple types of insurance, cashback, and household services.
The new additions to its open finance partnership platform see mmob making strides to becoming the UK’s first SuperApp-as-a-Service (SAaaS) provider. The growth of mmob’s network ensures banks looking to offer compelling, complementary products can do so with a single line of code and directly compete with digital challengers like Starling and Monzo. In addition, consent-driven user data will deliver unrivalled insights partners can use to determine what customers want and pinpoint additional services worthy of their investment.
“In this digital era, consumers expect their bank to be at the forefront of innovative new ways to manage their money. Yet the pensions industry still lags behind, with many pension providers continuing to use slow paper-intensive processes,” said Jasper Martens, Chief Marketing Officer, PensionBee. “Our partnership with mmob furthers our commitment to bringing pensions into the 21st century so all consumers – not just customers of neo banks or new money apps – can plan and save for a happy retirement.”
mmob’s open finance platform has been engineered to eliminate the complexity, time, and resources financial service providers need to select and deploy partner-driven services. Through its API, financial institutions can quickly and easily connect to mmob’s network of third-party partners (TPPs) and embed new services that drive customer engagement and retention. In return, mmob’s TPPs gain rapid access to new verticals.
“The current economic uncertainty, rising inflation, and increased taxation is a triple threat to people’s savings and retirement funds,” said Jason Cozens, CEO, Glint Pay. “Alternative savings vehicles and stores of wealth are needed to protect consumers. Our partnership with mmob will ensure banks can offer these alternatives while helping us to access more consumer markets and accelerate our commercial pipeline.”
The full list of new partners includes online pension provider: PensionBee, online money transfer service: Glint Pay, frictionless cashback provider: Upside, household services platform: Homebox, mobile insurance provider: So-Sure, the insurance companion: Anorak, and insurtech provider: Uinsure.
“Research from McKinsey Digital suggests that people are increasingly seeking simple, holistic, embedded offerings and are flocking to multiproduct customer experiences,” said Irfan Khan, CEO, mmob. “As the financial services landscape becomes more decentralised and fragmented, it is essential that financial institutions can find ways to retain customers by keeping them engaged.”
“We’ve seen the success that super-apps such as WeChat have achieved and wanted to find a simple way for the banking and fintech sectors to quickly and easily add services to their digital platforms. I’m extremely proud of how quickly our offering is growing and look forward to launching our second cohort of connected partners within the coming months.”