Scottish Widows is the latest provider to partner with Moneyhub to enable customers to see all their finances in one place via the company’s app.
Using open finance technology Scottish Widows customers will be able to connect their pension with other financial accounts managed by different companies. This includes current accounts, savings accounts investments, loans, insurance products, and mortgages.
Scottish Widows says this partnership 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.
The partnership via Moneyhub will also provide financial wellness content and features provided by BeMoneyWell.
Scottish Widows workplace pensions director Graeme Bold says: “Against the backdrop of the current cost of living pressures, and the fact that 50 per cent 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 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.”
Moneyhub CEO Samantha Seaton adds: “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.”