Mercer is a global consulting firm that specialises in providing advice and solutions in the areas of talent, health, retirement, and investments. It offers a wide range of services, including workforce consulting, compensation and benefits analysis, pension and retirement planning, investment management, and employee health and wellness programs.
The challenge
Mercer understands the impact poor financial health can have on someone’s work life, and their retirement.
Mercer was looking for an innovative way to help support financial wellbeing for members of its Mercer Master Trust pension scheme.
It also wanted to make it easy for members to engage with and understand their pensions, and to view retirement savings in the context of their wider financial wellness.
The solution
Mercer has white-labelled our Personal Financial Management platform to develop ‘Mercer Money’, enabling Mercer Master Trust members to build a holistic view of their finances including earnings, savings, pensions, borrowing and assets through Open Finance technology.
Mercer Money provides details of each member’s Mercer Master Trust retirement savings and investments. Its features include pension modelling capabilities and an in-app pension transfer request service. Users can track retirement savings they hold elsewhere by linking them to Mercer Money using Open Finance. The app also helps users categorise day-to-day income and spending and to set spending budgets.
Moneyhub’s analytics and intelligence ensure Mercer Money users are continually engaged through personalised, actionable nudges that keep them on track to meet their goals.
The results
In the last year alone Mercer Money’s user base has grown by 51%
The number of users who, on average, log in at least two times a week has increased by 40% in the last 6 months
Around 50% of eligible users have activated their Mercer Money accounts
In the last 12 months, the number of users clicking to carry out a pension action (such as add a beneficiary) from Mercer Money has increased by 32%
UX overhaul
Following an extensive User Experience (UX) overhaul, completed in partnership with Mercer and digital agency, Hugo & Cat, app engagement soared. Mercer saw the average number of users who use the app at least twice a week increase by 40% in the following months.
Personalised videos
We partnered with Idomoo’s Next Generation Video Platform to roll out personalised pension statement videos on Mercer Money.
The new integration sends users dynamic, personalised videos that explain their personal pension statements in an easily digestible manner. These videos highlight key information, such as current pension balance, projected retirement income, and recent contributions.
“The quality of the development and product we get from Moneyhub has been, and continues to be, extremely high. Our mission is to enhance our Mercer Master Trust clients’ financial wellness programs, particularly in engaging employees with their entire financial world, including pensions. Moneyhub’s exceptional service, Open Finance technology and truly collaborative approach consistently ensure our product is the best in market.
As we continue our journey to equip Mercer Master Trust members to achieve the best possible pension savings outcomes, Moneyhub's commitment and cutting-edge solutions remain integral to our success" - Tim Adams, Head of Digital, Mercer