Starting in 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.
As per the official press release, the functionality is intended to 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. The latest data shows that customers using Lloyds Bank, Halifax, and Bank of Scotland apps view their pension 250 million times a year, alongside their bank account information.
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.
About Moneyhub
Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s technology.
About Scottish Widows
Scottish Widows is part of Lloyds Banking Group, a UK-based digital bank and financial services group. With nearly GBP 170 billion assets under administration and six million customers, Scottish Widows’ product range includes workplace and individual pensions, annuities, life cover, critical illness, income protection, as well as savings and investment products. Customers can access its products and services through independent financial advisers, directly, and through all Lloyds Bank, Bank of Scotland, and Halifax branches.
