Moneyhub, the market-leading Open Finance data, intelligence and payments platform, is partnering with financial health pioneer Otto to enable next-generation employee wellbeing benefits.
Thanks to Moneyhub’s Open Finance connections to the largest number of financial services providers, as well as its smart analytics, users of Otto’s financial dashboard can now see the full scope of their finances, enabling deep insights that lead to greater financial health. And with every Otto user receiving support from a financial coach, data-powered insights create a virtuous circle fostering greater financial optimisation.
Otto’s platform, which is available via employee benefits schemes, is designed to solve one of the biggest mental health burdens on UK employees: financial stress. More than 60% of employees cited ‘financial worries’ as their number one source of stress, according to a recent survey[1].
By creating a complete picture of users’ financial situation, from investments, pensions and loans to mortgages, bank accounts and properties, rather than operating in silos, Otto can empower users to develop a financial roadmap and plan for their futures.
To make its vision a reality, Otto turned to Moneyhub for its Open Finance expertise and leadership. Once users sign up to the Otto platform they’ll be asked if they want to connect their accounts, whether that be an investment account or a pension, with Moneyhub’s technology enabling the connections.
The two companies are natural partners: Moneyhub’s mission to provide its clients a holistic perspective of their finances to enable financial wellbeing compliments Otto’s ambition to promote financial health and democratize access to financial health.
Sam Seaton, CEO at Moneyhub said: “Open Finance empowers consumers to have full autonomy over their finances and it enables innovative enterprises like Otto to provide innovative and impactful financial services to their customers. Given our shared drive of improving financial health through smart technology, partnering with Otto has been a pleasure.” Jan Thomas, CEO at Otto said: “Financial health, as well as the peace of mind that comes from knowing your finances are in good shape, should not be the exclusive benefit of the most well off in society: financial health needs to be democratised and it shouldn’t require a minimum balance, which is why we set up Otto to provide next-level financial wellbeing services. That’s also why we have chosen to partner with Moneyhub, which in addition to being a market-leader in Open Finance, is also a champion for financial health.”
[1] https://www.perkbox.com/uk/resources/library/2020-workplace-stress-survey