The partnership aims to provide consumers with the required tools to manage their finances and get a clear picture of their complete financial position via Open Banking integrations with UK-based money apps. Some of these tools include pension calculators and personalised money-saving tips.
Snoop leverages Open Banking data in order to provide personalised insights to help consumers find money-saving opportunities. Their solutions can also help clients save where they spend, cut their bills, pay off their debt and grow their savings, all without having to change their banks.
PensionBee offers pension management solutions such as checking real-time balances, setting up contributions, and seeing projected retirement income. The service has integrations to personal financial management tools such as Emma and Money Dashboard.
According to PensionBee officials cited by ffnews.com, Budgeting and financial planning can represent daunting tasks for many consumers. PensionBee’s own research has found that the average retiree may need an additional GBP 90,000 (USD 104,290) in pension savings to maintain a comfortable lifestyle over a 20-year retirement in the context of increasing inflation.
Snoop representatives cited by the same source mentioned the cost-of-living crisis and expressed their openness to helping customers keep as much of their hard-earned money as possible while finding money-saving opportunities. In essence, the partnership between the two entities aims to improve the financial well-being of their customers by promoting better financial choices.
In October 2021, PensionBee partnered Plaid in order to help users gain access to and control over more aspects of their financial lives. Moreover, the two companies tackled the issue of high settling times for Direct Debit. By leveraging Plaid’s Payment Initiation platform, a two-week pension contribution process could be transformed into an almost instantaneous one in the PensionBee app.
In April 2022, Snoop entered the employee benefits market with its money management tool to attract B2B clients. The company’s aim was to make it easier for businesses to help place their employees’ financial health alongside their mental and physical health.
To this end, they offered Snoop Plus to businesses as well, with the aim of improving financial health for both businesses and employees.
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