Moneyhub announces strategic partnership with SEI

The collaboration is aimed at enhancing SEI’s Institutional Group’s Master Trust proposition for its Defined Contribution (DC) scheme clients. 

Working collaboratively, SEI’s Institutional Group will utilise Moneyhub’s Personal Financial Management (PFM) platform to help improve engagement and financial wellbeing for members. As financial worries take a backseat, productivity, work satisfaction and flexibility in career progression can increase—benefiting employers and employees alike.

The Confederation of British Industry (CBI) recently reported that 80% of employees don’t know if they are saving enough for retirement. Improving engagement levels will mean employees are better informed about their finances and therefore may feel more empowered to take steps to safeguard their financial futures. Indeed, almost all (93%) of business leaders think that improving engagement will boost contributions.

SEI now provides people with a platform that can be accessed via desktop, tablet or mobile app. The solution comes pre-populated with the scheme member's employer pension information. Going a step further than the pension dashboard, members can connect all their bank accounts, savings, investments, other pension plans and more for an aggregated view of their overall financial positions. This enables clients to see their total net worth and understand and manage all their finances, such as income, expenditure and budgeting. 

Using machine learning, Moneyhub’s platform enriches, categorises and analyses the individual’s interactions to get a better understanding of their needs and lifestyles. It is then able to use the intelligence to give hyper-personalised offerings through its actionable insights called “nudges” to help them make more informed decisions around their finances. For example, a reduction in spending on taxis might prompt a nudge to sweep those savings into a pension pot.