Moneyhub’s service powers Standard Life’s open finance tool, Money Mindset, to provide workplace scheme members with ‘real time’ data on spending and saving activity across a wide range of financial products within their app or online
Standard Life integrates Money Mindset tool across app and dashboard. (Credit: Firmbee.com on Unsplash)
Standard Life, part of Phoenix Group, has partnered with Moneyhub, the open finance data and payments fintech, to enhance its digital app and dashboard, rolling out its own open finance powered tool, Money Mindset, to its existing 1.5 million workplace pension scheme members.
The addition of Money Mindset within Standard Life’s app and dashboard provides members with instant insights and greater control over finances by allowing them to connect their bank accounts, loans, pensions, mortgages, credit cards, ISAs and other financial products in one place. The addition effectively gives members visibility of their short, medium and long-term financial position.
A range of practical features will also help users of Money Mindset trace lost pensions, assess state benefit eligibility and bring their pensions savings together.
The roll out comes as 9 in 10 employers say that the financial wellbeing of their employees is important to them1 and as three in four (75%) people don’t know how much they have in pension savings and 72% have done little or no planning for their retirement. The enhancements to the app and dashboard will help more people connect with their finances and provide the information they need to plan for the future2.
Neil Hugh, Head of Workplace Proposition at Standard Life comments: “Many people feel overwhelmed when engaging with their finances, and this can lead to a cycle of financial un-wellness. We recognise that pensions are just one part of the puzzle and that many people just don’t know where to start or don’t have the confidence to take the initial steps to improve their overall financial capability. With Money Mindset you can see your ‘whole world’ of money in one place, in ‘real time’ so you can begin to manage your finances more effectively.
“Working closely with Moneyhub we’ve introduced functionality that allows people to use Money Mindset within our member app and dashboard in a way that suits their lifestyle, whether on the train or bus, grabbing a coffee or even when you’ve a few minutes to spare, and to dip in and out at a time that suits them, reflecting ‘real lives’.
“By providing members with the relevant tools, content and information to confidently manage daily spending and unexpected costs while remaining on track for a secure and sustainable financial future, we will aim to reduce financial stress and help members make better financial decisions.”
Samantha Seaton, CEO of Moneyhub comments: “Understanding your finances is the first step on the financial wellness journey. If we don’t understand what we have now and our current spending patterns, it is almost impossible to find ways to better manage our money. Only once we have a full and holistic view, can we find ways to improve our money management, boost savings, and ultimately enhance our later life pots. We’re thrilled to be working with Standard Life to support their scheme members in improving their money mindset, using our technology to educate and empower users to take charge of their finances and make tangible changes in how they view and manage their money.
“It’s fantastic that Standard Life has the foresight to understand that the only way to boost pension savings is to start at the very beginning, and we’re looking forward to working with the team as we continue to innovate and find new ways to support scheme members improve their financial wellness.”
Source: Company Press Release