Aon is working with Moneyhub to develop its financial wellbeing app ‘Well One Money’ that claims to save employees an average of £850 a year.
The employee benefits consultancy is using Moneyhub’s Open Finance data and intelligence platform – Personal Financial Management – to give UK employees a complete view of their finances, including bank accounts, pensions, savings, investments, loans, mortgages and credit cards through the Well One Money app.
The app works with Aon’s retail discount programme, which is designed to understand employees’ spending patterns. Its developers say the app can then identify potential savings that can be made instantly.
Moneyhub’s Open Finance data aggregation platform gives employees the ability to create a holistic financial picture across hundreds of financial institutions in the UK and uses analytics and intelligence to offers personalised insights.
A spokesperson said that Aon’s clients benefit from an anonymised view across their employee base to understand financial habits, needs, behaviours and aspirations.
He added that by knowing their employees’ financial concerns, employers can proactively support them.