PensionBee and Plaid have come together to expand the remit of Open Banking to the traditionally complex, paper intensive and slow processes associated with pension contributions.
Rather than typing out card numbers or manually setting up direct debits, PensionBee has enabled a streamlined ‘click, confirm, and carry on’ experience within its app, transforming an estimated two-week process into an almost instant one via Plaid’s platform.
In the future, PensionBee will also integrate with Plaid’s Open Banking network to allow customers to view their external financial accounts alongside their pension contributions, providing real-time insights on how to grow their retirement savings. PensionBee will also be able nudge customers on potential ways to maximise their contributions based on spending habits and salary increases. In addition, PensionBee will be able to detect new jobs so old workplace pensions can be easily consolidated into savers’ existing PensionBee pots once contributions from their old employer stop.
Romi Savova, CEO of PensionBee, comments: “Low levels of digitisation in the pensions industry have exacerbated chronic under-saving because consumers haven’t had the right tools and information to understand their financial position and plan ahead for the future.
I firmly believe that Open Banking has the potential to be hugely transformative for millions of people in the UK who struggle to stay on top of their day-to-day finances and adequately save for later life. The arrival of technologies that help us see a complete picture of our financial health, easily manage our retirement savings and make our money work better for longer, is revolutionary.”