PensionBee’s users are now able to see their pension pots, alongside other investments and accounts, on the Moneyhub platform
API integration has the potential to empower the next generation customer and client relationships for enterprises, advisers and employee benefits consultants
Moneyhub has integrated with PensionBee’s API, enabling users to see their live pension balance within the platform and keep track of multiple pots built up over the years, alongside other investments and accounts. This follows research revealing almost £20 billion in unclaimed pensions, equating to a staggering 1.6 million people, missing out on £13,000 each[1].
The API integration will mean that users can, from one platform, have full visibility and manage investments, pensions, mortgages, current and credit card accounts, providing control and supporting financial wellbeing. It will also benefit enterprises, intermediaries and advisers who can use Moneyhub to gain insights and focus on the most valuable guidance and propositions for clients. For example, if an adviser is given access to their clients’ Moneyhub data, they can view real time transactions to understand financial behaviour and total asset wealth including pensions, savings and investments. For enterprises, the data provides entirely accurate forecasting of a customer’s current and future product needs from tailored insurance, loans to investment advice.
Samantha Seaton, CEO of Moneyhub, commented: “Pension savers have been some of the most poorly served by the financial services industry when it comes to having tools to keep track of, let alone manage, funds. Our integration with PensionBee is yet another example of how technology can deliver ‘frictionless finance’ by empowering people to see and manage their money from one single platform easily. This has never been more important when millions of people are not saving enough for retirement, while others are losing track of pension pots built up over the years entirely.”
Clare Reilly, Head of Corporate Development, PensionBee, commented: “It’s essential that pension balances are included in the technological revolution that’s taking place for consumers in financial services, with apps like Moneyhub. Your pension balance isn’t an abstract pot of money disconnected from the rest of your financial universe, it should be there front and centre when you consider your complete financial health. Today Moneyhub makes this possible – not only helping pension savers to see their net worth in one feed through our API, but also bringing them firmly into the technology revolution that they’ve missed out on for so long.”
Through the API integration, users of PensionBee will also have access to Moneyhub’s proprietary categorisation engine and smart nudges. This helps users understand and track their day-to-day spending with insights that power personalised guidance on how to take positive action with money – whether saving, investing, mortgage management or avoiding bank charges. Together this functionality supports improved financial wellbeing by encouraging people to stay in control of their money at all times.
Reference:
[1] Study from the Pensions Policy Institute (PPI), on behalf of the Association of British Insurers (ABI), October 2018: http://www.pensionspolicyinstitute.org.uk/briefing-notes/briefing-note-110---lost-pensions---what's-the-scale-and-impact