Standard Life selects Moneyhub for open finance integration
By Gloria Methri
Standard Life, part of Phoenix Group, has partnered with Moneyhub, the open finance data, and payments FinTech, to enhance its digital app and dashboard. The company is planning to roll 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 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.
A range of practical features will also help users of Money Mindset trace lost pensions, assess state benefits eligibility, and bring their pension savings together.
Neil Hugh, Head of Workplace Proposition at Standard Life said, “Working closely with Moneyhub, we have 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.”
“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 added, “We are 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 is 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 are looking forward to working with the team as we continue to innovate and find new ways to support the scheme members improve their financial wellness.”