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 the Scottish Widows app can 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 firm said 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.
Graeme Bold, workplace pensions director at Scottish Widows, said: “Against the backdrop of the current cost of living pressures, and the fact 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?’”
Bold said with Moneyhub’s expertise in using data and digital connectivity to enhance financial wellness, this is the latest step Scottish Widows is taking to deliver on its strategy for the benefit of customers.
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 250mn 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.
Samantha Seaton, chief executive officer 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.”
sonia.rach@ft.com
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