Open data and payments platform Moneyhub and financial analytics provider Envizage have developed an open banking-powered Financial Planning application for Financial Planning network the Academy of Life Planning.

The Happiness Navigator allows consumers to ‘identify and manage risks to future financial plans and aspirations.’

Financial Planning network the Academy of Life said the app ‘makes a significant contribution to bridging the advice gap’.

Envizage’s probabilistic simulation technology can help people prepare for desired future outcomes, whilst Moneyhub’s Data & Intelligence API can provide an accurate picture of a person’s current financial position, from income and expenses, to assets, liabilities and insurance.

Sam Seaton, CEO at Moneyhub, said: “As the industry begins to innovate in order to comply with the upcoming Consumer Duty rules, better data-sharing powered by open data will ensure businesses understand their customers and can offer them the very best tools and products.”

Vinay Jayaram at Envizage said: “Without a firm grounding in your present reality, projections about your future will be hazy at best, which is why the combination of real-time data with simulation technology is so powerful. And that is why the partnership with Moneyhub, which is the data backbone for the HapNav app, has been so valuable for us and has made the app a huge success.”

Steve Conley, CEO of the Academy of Life Planning, added: “One planner can now do one-hundred lifetime cash flow forecasts all at once as part of, say, a corporate financial wellbeing programme or a subscription-style on-line model. The possibilities are endless.”

The Academy of Life Planning is a global network of non-intermediating Financial Planners. It was established 10 years ago in the UK. Financial Planners in the network offer Financial Planning without providing specific advice of specific investment products.