Standard Life partners with Moneyhub for open finance launch

Open banking provider Moneyhub is partnering with Standard Life to launch a new open finance tool Money Mindset. 

The new functionality will be available to 1.5 million people with a workplace pension scheme from Standard Life.

Users will be able to connect bank accounts, loans, pensions, mortgages, credit cards, ISAs and other financial products. They will now see ‘real-time data on both spending and saving activity across a wide range of financial products within their app or online.

The service will crunch users' data to offer income and spending analysis as well as build personalised budgets.

Tracing lost pensions, assessing benefits eligibility and bringing their various pension savings together will also be available to users.

Phoenix Group, which owns Standard Life, invested £15m in MoneyHub’s last funding round in December 2022. 

“Understanding your finances is the first step on the financial wellness journey. If we don’t understand what we have now and our current spending patterns, it is almost impossible to find ways to better manage our money,” said Samantha Seaton, CEO of Moneyhub.

“Only once we have a full and holistic view, can we find ways to improve our money management, boost savings, and ultimately enhance our later life pots,” she said. 

“It’s fantastic that Standard Life has the foresight to understand that the only way to boost pension savings is to start at the very beginning, and we’re looking forward to working with the team as we continue to innovate and find new ways to support scheme members improve their financial wellness,” she added.