Aviva has announced a partnership with fintech Bud to provide open banking access for its workplace pension clients. Through Bud’s technology, Aviva’s workplace pension clients will be able to offer pension scheme members access to a money management dashboard via the Aviva MyWorkplace app and online portal.
The dashboard makes it easy for members to see all their connected bank accounts in one place, assess trends in their spending and income, and identify opportunities to save for the future through a series of smart notifications.
The dashboard will:
- Identify increases in bills and opportunities to switch to cheaper providers,
- Identify potential double charges and large transactions,
- Identify high cash balances that could be better used in other ways,
- Allow people to track the carbon footprint of their spending along-with actionable tips and insights about sustainable living.
Suzanne Rose, head of workplace propositions at Aviva, said: “The current challenging economic backdrop brings even more importance to the digital solutions we can offer to support our workplace pension members. We believe this will help people to better manage their money and feel more in control of their finances. Aviva has long been a supporter of fintech companies and so partnering with Bud is a natural fit.”*
Bud began life in 2015 as an education platform designed to improve people’s financial wellbeing. Now, its a platform used by global banks to harness the power of open banking.
Aviva’s recent research found that three out of the four personality types identified in its Evolving in the Age of Ambiguity report consider financial wellbeing to be the toughest element of wellbeing to manage.
Ed Maslaveckas, Bud’s CEO added: “We set out at Bud with a vision of how the intelligent use of financial data could help millions of people to be more in control of their money. Working with companies of Aviva’s scale is key to that vision.*
“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. That’s an incredible milestone, and a real testament to the power of the insights we deliver.”
