Well done to Standard Life for achieving another pair of GOLD awards in the 2022 Open Finance ratings.
Last year Standard Life partnered with a third party to deliver open finance technology via their workplace pension and Money Mindset platform.
For the second year running, they are leading the pack with innovation as they score an impressive clean sweep of Gold awards across all of our 2022 ratings for both their Group Flexible Retirement Plan (GFRP) and DC Master Trust.
This insight takes a closer look at the functionality available.
Transaction history & categorisation:
When an account has been linked to Standard Life, on average, 12 months of transaction history will be made able.
The transaction history is captured automatically and they will categorise each transaction accordingly (they have unlimited categories, but the user cannot add their own).
If a transaction from a specific merchant is manually re-categorised, Standard Life will update and re-categorise all previous transactions from that merchant and all new ones going forward.
Users are able to carry out a search by category, over specific date ranges and show an aggregated total spend.
Standard Life will automatically notify the user to renew their open banking consent every 90 days via push notifications and will follow up with reminders if not actioned accordingly.
If the consent is not renewed after 90 days, the account will remain active and keep all transaction history until consent is confirmed.
Account & Bank connectivity:
Using open finance technology, workplace scheme members can connect their current accounts, savings accounts and credit cards.
Standard Life can use open finance to retrieve account data from all 18 of the high street and challenger banks we have in our analysis. This also includes American Express. They are also able to support non-UK bank accounts for counties such as America, Canada and China
Including partner & joint accounts:
Standard Life allow users to connect their own banking, savings and credit card accounts, and those in a joint name or a partners account.
Messaging & outcomes:
Standard Life will use data from open finance to help drive better personalised financial outcomes for their members.
This includes intelligent messaging or nudges for spending, saving and debt management. Messages are delivered to the member as push notifications or secure messages via the app and portal.