Bristol – January 2021: Moneyhub today announces that it is collaborating with Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, to create its financial wellbeing app ‘Well One Money,’ which 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. (Ref. 1)
Harnessing the power of 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 gives employees the ability to create a holistic financial picture across hundreds of financial institutions in the UK and with Analytics and Intelligence, offers unparalleled 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.
With an array of additional features including account aggregation, spending analysis, financial forecasting and personalised nudges, the data-driven ‘Well One Money’ platform puts users in control of their own finances, encouraging them to make better savings choices as a result.
Dominic Manley, UK Technology Product Manager, Aon, comments: “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, comments: “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.”
References
Source analysis conducted by Moneyhub on 3rd June 2020, reviewing eligible spending by Well One Money users to date.
Notes to editors
For further information, please contact:
Moneyhub PR - Teamspirit
David Sells or Eleanor Ross
moneyhub@teamspirit.uk.com
+44 (0)7393 758446
About Moneyhub
Moneyhub is the leading Open Banking and Open Finance platform that enhances the lifetime financial wellness of people, their communities and their businesses. Moneyhub’s APIs and white label solutions power businesses - both from within and from outside of financial services.
Providing data connections and intelligence, Moneyhub also initiates Open Banking payments to enable hyper-personalised experiences that drive customer engagement.
The company takes consumer data security seriously and has been instrumental in the roll-out of Open Banking from its beginning. Providing Open Finance solutions since 2014, Moneyhub is authorised as AISP and PISP by the FCA, ISO-27001 certified, a founding member of FDTA and a member of EMA.
For more details, please visit www.moneyhubenterprise.com
About Aon
Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
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Registered in England and Wales. Registered number: 00210725. Registered Office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN.