Aon is collaborating with Moneyhub for the development of its financial wellbeing app ‘Well One Money’ that claims to save employees an average of £850 a year.
Aon is using Moneyhub’s Open Finance data and intelligence platform – Personal Financial Management – to give UK employees a complete view of their finances, including bank accounts, pensions, savings, investments, loans, mortgages and credit cards through the Well One Money app. The app works with Aon’s retail discount programme, which understands employees’ spending patterns and identifies potential savings that can be made instantly.
Moneyhub’s Open Finance data aggregation platform gives employees the ability to create a holistic financial picture across hundreds of financial institutions in the UK and uses analytics and intelligence to offers personalised insights. Aon’s clients benefit from an anonymised view across their employee base to understand financial habits, needs, behaviours and aspirations. By knowing their employees’ financial concerns, employers can proactively support them, says the consultancy.
The app connects with Aon’s retail discounts programme by highlighting the savings they could make against their personal spending. The app presents employees with a ‘dashboard’ of their spending across retailers and financial accounts.
Additional features include account aggregation, spending analysis, financial forecasting and personalised nudges.
Aon UK technology product manager Dominic Manley says: “Financial education has long been discussed by employers, and rightly so. But a key factor has been the need for individuals to understand exactly what they have and what they spend, along with the ability to make adjustments that can support their financial wellbeing – and in doing so, increase their peace of mind.
“Working with Moneyhub means we can offer our clients’ employees a truly elevated experience, empowering them to manage their money more effectively and make the most of the benefits we offer. When we approached Moneyhub we knew we needed a platform that could give our users an overview of their whole financial universe. We found that, and more, with Moneyhub.
“This app not only enables people to manage their money in a better way, but also to understand fully the benefits offered by their employer and to make the most of them – including how to save money on items they would normally purchase. A simple nudge helps them instantly and sensibly save £850 per year – with the potential to save more. It’s intuitive because it’s based on real data and real banking insights into where people spend their money.”
Moneyhub CEO Samantha Seaton says: “Open Finance is already transforming the way people use their financial data and it’s great to see such an innovative project have such an immediate impact.
“With Moneyhub’s unique combination of insight, tools and technology, users have a truly holistic view of their finances in real-time, while smart, actionable nudges can help people make small financial changes that can make a big long-term difference. As we work with Aon to continually improve their proposition, we can be confident that users could not be better placed to secure their financial health in the short, medium, and longer term.”