Moneyhub and Aon to boost ‘Well One Money’ financial wellbeing app

By Megha Bhattacharya

UK-based Moneyhub has collaborated with Aon in a bid to power the development of its financial wellbeing app ‘Well One Money’. Aon has been using Moneyhub’s Open Finance data and intelligence platform with results showing that employees using the financial wellbeing app can save an average of £850 per year.

Dominic Manley, UK Technology Product Manager, Aon, commented, “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.

“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’s Well One Money gives UK employees a complete view of their finances, including bank accounts, pensions, savings, investments, loans, mortgages, and credit cards. The app works with Aon’s retail discount program, 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 with Analytics and Intelligence, offers unparalleled personalised insights. In turn, 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.

Samantha Seaton, CEO at Moneyhub, commented, “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.”