By Aisling Finn on Thursday 14 January 2021
The app could help people save an average of £850 per year.
Open banking platform Moneyhub has joined forces with insurance giant Aon to create a new money management app called Well One Money.
The app is designed to help employers support their employees’ financial wellbeing and promises to save employees an average of £850 each, with room to save even more.
Well One Money will use Moneyhub’s open banking platform to provide firms with a wide range of risk, retirement and health solutions.
Dominic Manley, UK technology product manager at 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.”
“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.”
Through the app, employees can see all their finances in one place, including bank accounts, pensions, savings, investments, loans, mortgages and credit cards.
“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,” Samantha Seaton, CEO of Moneyhub added.
“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."
The app will also provide employers an anonymised view of their employees’ finances to help them better understand their financial habits, needs and behaviours, as well as being able to support them if they have any financial concerns.