Moneyhub Enterprise, an Open Finance data and intelligence platform, has formed a strategic partnership with SEI (NASDAQ:SEIC), a global provider of investment processing, management and operations solutions, to enhance SEI’s Institutional Group’s Master Trust proposition for its Defined Contribution (DC) scheme clients. Working collaboratively, SEI’s Institutional Group will utilise Moneyhub’s Personal Financial Management (PFM) platform to help improve engagement and financial wellbeing for members. As financial worries take a backseat, productivity, work satisfaction and flexibility in career progression can increase—benefiting employers and employees alike.
The Confederation of British Industry (CBI) recently reported that 80 per cent of employees don’t know if they are saving enough for retirement. Improving engagement levels will mean employees are better informed about their finances and therefore may feel more empowered to take steps to safeguard their financial futures. Indeed, almost all (93 per cent) of business leaders think that improving engagement will boost contributions.
SEI now provides people with an intuitive platform that can be accessed via desktop, tablet or mobile app. The solution comes pre-populated with the scheme member’s employer pension information. Going a step further than the pension dashboard, members can connect all their bank accounts, savings, investments, other pension plans and more for an aggregated view of their overall financial positions. This enables clients to see their total net worth and understand and manage all their finances, such as income, expenditure and budgeting.
Using machine learning, Moneyhub’s platform enriches, categorises and analyses the individual’s interactions to get a better understanding of their needs and lifestyles. It is then able to use the intelligence to give hyper-personalised offerings through its actionable insights called “nudges” to help them make more informed decisions around their finances. For example, a reduction in spending on taxis might prompt a nudge to sweep those savings into a pension pot.
This machine learning technology, coupled with Moneyhub’s ability to provide an aggregated view of the user’s financial position, will ensure that this strategic partnership offers accessible and easy-to-plan retirement saving functions to SEI’s institutional clients.
David Snowdon, Director of Defined Contribution for SEI’s Institutional Group, says: “We are continually striving for greater employee engagement in the pensions industry and looking for new ways to innovate our Master Trust offering to break down barriers of accessibility and lack of employee dynamism.
Moneyhub and its powerful, insightful Open Finance solutions seamlessly support our vision, creating a highly personalised user experience. We are proud to be able to offer our members and their employees a consolidated approach to their savings that will support them in their financial future and feeling secure in one of the most important areas of life.”
Samantha Seaton, CEO of Moneyhub, says: “SEI shares our views on the importance of employers helping employees with financial guidance to improve wellbeing. We are thrilled to be supporting the evolution of SEI’s Master Trust proposition with our powerful machine learning capabilities.
This forward-looking collaboration further showcases the potential and innovative nature of Open Finance and how it can play a greater role in financial wellbeing, which is becoming increasingly central in these unpredictable times.”