Scottish Widows has partnered with Moneyhub to introduce Open Finance features to its app which allow customers to view all of their finances in one place.
From January 2024, customers with access to the Scottish Widows app will be able to connect their pensions with other financial accounts, such as current and savings accounts, stocks and shares products, loans, insurance policies and mortgages, including those held with other providers.
The functionality will lead to a more holistic and personalised view of a customer’s finances, giving them one complete view all within one app.
This feature builds on Lloyds Banking Group’s existing technology which allows its retail customers who have a Scottish Widows pension to see it in their online banking apps. The latest data shows that customers using Lloyds Bank, Halifax and Bank of Scotland apps view their pension 250 million times a year, alongside their bank account information.
In addition to allowing customers access to all their finances in one place through the partnership with Moneyhub, the app also provides financial wellness content and features provided by BeMoneyWell.
Graeme Bold, Workplace Pensions Director at Scottish Widows, said: “Against the backdrop of the current cost of living pressures, and the fact that 50% of people in the UK are not saving enough for retirement*, it’s crucial to look for every opportunity to help people stay on top of their finances from day-to-day to longer term. Shaking up how people engage with their pensions is key and having a single view of all finances can help move the conversation from ‘how much have I got in my pension?’ to ‘have I got enough?’
“With Moneyhub’s market leading expertise in using data and digital connectivity to enhance financial wellness, this is the latest step we are taking to deliver on our strategy for the benefit of our customers and our shared goal to help people manage current financial challenges and build resilient futures.”
Samantha Seaton, CEO of Moneyhub, said: “We are thrilled to announce our collaboration with Scottish Widows to roll out the Moneyhub Platform APIs. With an initial focus on Open Banking and Open Finance connections, this will give consumers a holistic view of their finances alongside their pension and lead to more personalised experiences and outcomes. Working together, our existing and future propositions will enable better financial futures for consumers.”
Contacts
Emily Penner
Marketing Director, Moneyhub
emily.penner@moneyhub.com
Eleanor Ross
Senior Account Director, Teamspirit
eross@teamspirit.uk.com
Martyna Stepien-Nesbitt
Group Corporate Affairs, Scottish Widows
martyna.stepien@lloydsbanking.com
About Moneyhub
Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.
About Scottish Widows
Founded in 1815, Scottish Widows is part of Lloyds Banking Group, the UK’s largest digital bank and financial services group. With nearly £170bn assets under administration and six million customers, Scottish Widows’ award‐winning product range includes workplace and individual pensions, annuities, life cover, critical illness, income protection as well as savings and investment products. Customers can access our products and services through independent financial advisers, directly, and through all Lloyds Bank, Bank of Scotland and Halifax branches.