Welcome to our open finance world

November 2023

Our new partnership with Moneyhub will put members in control of their money and support their financial wellbeing.

How can people improve their financial wellbeing so that they’re in control of their money today and able to plan effectively for their future? 

It’s a question many people grapple with – and employers and employees regularly tell us matters a lot and have asked us for help with. 

Scottish Widows is partnering with Moneyhub, the industry-leading fintech, to help members improve their financial wellbeing by seeing all their finances in one place, in the Scottish Widows app. 

We’re launching the in-app digital solution in 2024, using Moneyhub APIs, so that members can easily see their pensions alongside any mortgage, savings, credit cards, loans, investments, and bank accounts. It puts them in control of their money for today and for their tomorrow and keeps them within a single experience in the SW app.  

We really believe it’s an innovation that can help our members and we’ll have a continuous, customer research-led approach to understand more about how they use open finance aggregation and introduce features to increase personalisation. 

The digital solution builds on our experience of helping Lloyds Banking Group (LBG) customers who have a pension with us see their financial life in one place in their retail banking apps. LBG customers view their pensions 250 million times a year alongside their bank account. 

We know the engagement that follows when you bring pensions into the everyday finance and banking environment, and we’re excited to see how members engage when everyday finances are brought into a pensions environment in the SW app. 

Now, innovation has evolved to open finance where people can see all their finances in the Scottish Widows app, no matter who they bank with.  

The challenges of cost-of-living and 50% of the UK not saving enough for retirement (PDF, 6MB) are very real today, so we need to make it easier for people to understand things on the money front.  

We really believe Moneyhub can spur more engagement and improve the outcomes of our members. 

Samantha Seaton, CEO of Moneyhub, says the partnership will lead to many more benefits for members: “We are thrilled to announce our collaboration with Scottish Widows, with an initial focus on open banking and open finance connections. This partnership will offer people a holistic view of their finances, alongside their pension and lead to more personalised experiences and outcomes.”