Scottish Widows partners with Moneyhub on open finance features
By Gloria Methri
Scottish Widows has partnered with Moneyhub to introduce Open Finance features to its app, allowing customers to view all their finances in one place.
From January 2024, customers with access to the Scottish Widows app will be able to 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 functionality will lead to a more holistic and personalised view of a customer’s finances, giving them one complete view all within one app.
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.
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.
Graeme Bold, Workplace Pensions Director at Scottish Widows, said, “Against the backdrop of the current cost of living pressure, it is crucial to look for every opportunity to help people stay on top of their finances from day-to-day to longer term. With Moneyhub’s market-leading 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.”
Samantha Seaton, CEO 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.”
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