" class="no-js "lang="en-US"> Benefits Guru Announces Third Financial Wellness Ratings for Workplace Pension Providers for Standalone Open Finance Functionality - Fintech Finance
Saturday, September 30, 2023

Benefits Guru Announces Third Financial Wellness Ratings for Workplace Pension Providers for Standalone Open Finance Functionality

Benefits Guru today announces its third annual Financial Wellness Ratings benchmarking Workplace Pension providers who provide Open Finance technology in recognition of the growing opportunity and importance of financial insight and improved financial outcomes that has been accelerated by the increased cost-of-living and repercussions on financial planning. Among the six providers rated at present, Aviva and Standard Life were awarded a Gold ratings overall and across all categories. The ratings are designed to help benefits consultants, corporate advisers and employers review products that meaningfully improve member and employee outcomes and help improve financial wellness and resilience.

Open Finance plays a growing role in the ability to enhance financial wellness for end consumers. More than 7 million consumers now use open banking enabled products in the UK, as consumers seek to better understand how they spend and save. An increasingly established field within banking, the benefits to the consumer, recognised as enhancing their overall financial health, include more transparency for both consumers and lenders which allows providers to tailor advice, provide enhanced access to a broader set of financial products and ultimately empower consumers to make better financial decisions.

In insurance, open finance is less advanced, however the potential benefits are mirrored across open banking and open insurance, namely offering providers the ability to view their clients’ financial data including all monthly savings and expenses used as intelligence to ensure members are making their money work as hard as it can for them. The UK is a pioneer in open banking and fintech adoption. Increasing use of open finance by pensions providers is an indicator for the adoption of innovation by the pensions industry and its integration in financial planning.

Jason Green, Head of Workplace Research at Benefits Guru, commented: “Now in its third year, the ratings provide advisers and employee benefit consultants an invaluable detailed overview of the workplace pension market and their offerings. It’s exciting to see that providers continue to adapt their proposition to include open finance – which will undoubtedly revolutionise the industry and consumer outcomes.

“Workplace pension providers are increasingly well-placed to help build a financial resilience mindset and helping consumers be more comfortable with their finances. Many have the ability to not only build a pension pot, but to help get us there by managing outstanding debt, build emerging cash funds and save for short term goals from holidays to house renovations.”

Ian McKenna, Founder of FTRC and BenefitsGuru, added: “Open Banking and Finance have changed many industries, pensions and insurance won’t be the exception. There has been much focus on FinTech in the past, while InsureTech has often been somewhat abandoned, despite it being a huge industry with huge impact. We’re pleased to see these developments in the insurance sector that will immensely benefit the consumer now and in the long run.”

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