Mercer wanted to harness the power of Open Finance to create a simple, intelligent pension tool that truly engaged individuals with their pensions - but with our help, what they delivered to their members was far greater.
Mercer is the world's largest outsourced asset manager with over US$300 billion outsourced assets under management. Headquartered in New York, Mercer operates in more than 130 countries, including a large office in the UK. As a global HR consulting firm, Mercer helps employers and pension scheme trustees to look after the health, wealth and careers of over 100 million people globally. As a B2B2C business, with a core corporate and trustee client base, Mercer recognised the importance of providing individual experiences for its pension scheme members - and so approached Moneyhub to help.
Challenge
Pension modelling tools are typically over complicated, arduous to populate and provide no reason for people to come back and further engage with their finances.
Mercer wanted to harness the power of Open Banking and Open Finance to create a simple, intelligent pension tool that truly engaged individuals with their pensions; with Moneyhub’s help, what they delivered to their members was far greater.
46% of adults report low knowledge about financial matters (FCA 2017, OECD 2016, MAPS 2020) and staggeringly, only around 1 in 10 pension members are connected with their pension provider through their online platforms. Yet, over half of Millennials would use an online pensions portal linked to their bank account, rising to 62% of Generation Z workers (PwC, 2018). Read more here.
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“The creation of Mercer Money has enabled us to offer so much more than a financial education platform for employees. Moneyhub’s unmatched technology makes it possible for us to offer users a truly holistic view of their finances along with providing smart, actionable nudges. Together, this enables effortless financial changes that can make a significant long term difference.”
Solution
Mercer Money is a customised white-labelled offering utilising Moneyhub’s Lifetime Personal Financial Management (PFM) app. The app looks beyond just pensions, allowing individuals to manage all aspects of their personal finances in one place including investments, loans, mortgages, savings, bank accounts and more. Users get a view of both their current wealth, and also their future wealth - this unique combination can significantly improve an individual’s financial wellbeing.
Moneyhub’s machine-learning powered analytics and intelligence ensure members are continually engaged through personalised, actionable nudges that inevitably encourage better financial decisions and actions. Mercer can use valuable aggregated analytics to show employers how their employees’ financial wellbeing is developing, allowing tailored benefits and support.
Sitting day to day finances alongside pensions brings context, clarity and control; all of which are key enablers of Financial Wellness. With 60% of people adding an additional account to Mercer Money, it proves pensions are not impossible to engage with.
How we helped
27:00 - 36:40: Paul Goodwin, Partner & Proposition Leader, UK Wealth, Mercer UK