Synopsis-
“Customers who have access to the Scottish Widows app will be able to link their pensions to other financial accounts—including those held with other providers—as well as current and savings accounts, stocks and shares, loans, insurance policies, and mortgages, starting in January 2024.”
Scottish Widows has collaborated with Moneyhub to add Open Finance capabilities to its app, allowing customers to view all their accounts in one place.
Scottish Widows Make It Easy for Its Pensioner Customers
Customers who have access to the Scottish Widows app will be able to link their pensions to other financial accounts—including those held with other providers—as well as current and savings accounts, stocks and shares, loans, insurance policies, and mortgages, starting in January 2024.
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.”
With all of the features in one Open Finance app, customers will be able to see their finances in a more comprehensive and customised way. The current technology of Lloyds Banking Group, which enables its retail clients with Scottish Widows pensions to view them on their online banking apps, is enhanced by this capability.
The Open Finance app offers financial wellness features and content from BeMoneyWell in addition to giving users access to all of their accounts in one location thanks to a relationship with Moneyhub.
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.”
