Standard Life aims to boost financial engagement with open banking

Standard Life is using open banking to enhance its app and dashboard for its 1.5 million workplace pension customers.

Working with Moneyhub, the provider has introduced the Money Mindset tool within its app.

The tool will allow users to access real-time data across its various bank accounts, loans, mortgages, credit cards and ISAs in one place.

Once customers have connected their accounts, they will be able to get a view of their short, medium and long-term financial positions.

Key features in the tool will include tracing lost pensions, pension consolidation and assessing state benefit eligibility. There will also be features to help renters to build their credit scores. They will be able to receive personalised nudges and analyse their spending.

According to Standard Life research, 75% of people don’t know how much they have in pension savings and 72% have done little or no planning for their retirement.

Neil Hugh, Head of Workplace at Standard Life, said the app aimed to help people engage with their finances “in a way that suits their lifestyle.”

“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.”

He added: “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, said: “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.

“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.”