Insurance giant Aviva picks Bud as its open banking partner
Bud is powering insights which will help Aviva's pension customers make better saving decisions.
Pension customers of Aviva will soon be able to connect their bank accounts and tap into money-saving advice, powered by open banking.
The news is a huge win for open banking provider Bud, which will be working behind the scenes to make this new feature possible.
After connecting their bank accounts with the Aviva MyWorkplace app, customers will be able to identify increases in utility bills and switch to cheaper providers, spot double charges or large transactions, and see where high cash balances could be used in other ways.
It’s likely the latter which is most appealing to Aviva developing this open banking feature, since it could help people to put more of their savings into their pensions.
Finally, the app will let people track the carbon footprint of their spending, prompting tips and changes that will help them make reductions.
"By the time we start rolling this out with Aviva, our tech will be helping more people in the UK than any other Open Banking platform to understand and manage their money,” announced Bud CEO Ed Maslaveckas.
“That’s an incredible milestone, and a real testament to the power of the insights we deliver."
The deal is a big one for Bud, which is backed by banking heavyweights like HSBC,Goldman Sachs and Investec, and has focused on winning larger ticket customers like ANZ in Australia and First Direct in the UK.