The app helps employers support employee financial wellbeing. Aon is using Moneyhub’s open finance data and intelligence platform with results showing that employees using the financial wellbeing app can save an average of £850 per year.
Using Moneyhub’s award-winning Personal Financial Management (PFM) platform, Well One Money gives UK employees a complete view of their finances, including bank accounts, pensions, savings, investments, loans, mortgages and credit cards. The app works with Aon’s retail discount programme, which understands employees’ spending patterns and identifies potential savings that can be made instantly.
The new app tackles the engagement challenge head on. Moneyhub’s Open Finance Data Aggregation platform enables employees to create a holistic financial picture across hundreds of financial institutions in the UK and with Analytics and Intelligence, offers personalised insights. In turn, Aon’s clients benefit from an anonymised view across their employee base to understand financial habits, needs, behaviours and aspirations. By knowing their employees’ financial concerns, employers can proactively support them.
The app also helps employees take advantage of the Aon retail discounts programme by highlighting the savings they could make against their personal spending. With Moneyhub’s award-winning Data Enrichment Platform, and AI- and machine learning-powered Categorisation Engine, the app presents employees with a ‘dashboard’ of their spending across retailers and financial accounts.
Dominic Manley, UK technology product manager, Aon, said: “Financial education has long been discussed by employers, and rightly so. But a key factor has been the need for individuals to understand exactly what they have and what they spend, along with the ability to make adjustments that can support their financial wellbeing – and in doing so, increase their peace of mind.
“Working with Moneyhub means we can offer our clients’ employees a truly elevated experience, empowering them to manage their money more effectively and make the most of the benefits we offer. When we approached Moneyhub we knew we needed a platform that could give our users an overview of their whole financial universe. We found that, and more, with Moneyhub.
“This app not only enables people to manage their money in a better way, but also to understand fully the
benefits offered by their employer and to make the most of them – including how to save money on items they would normally purchase. A simple nudge helps them instantly and sensibly
save £850 per year – with the potential to save more. It’s intuitive because it’s based on real data and real banking insights into where people spend their money.”
Samantha Seaton, CEO at Moneyhub, added: “Open Finance is already transforming the way people use their financial data and it’s great to see such an innovative project have such an immediate impact.
“With Moneyhub’s unique combination of insight, tools and technology, users have a truly holistic view of their finances in real-time, while smart, actionable nudges can help people make small financial changes that can make a big long-term difference. As we work with Aon to continually improve their proposition, we can be confident that users could not be better placed to secure their financial health in the short, medium, and longer term.”