Benefits Guru Open Finance Ratings 2024
Congratulations to Scottish Widows on their achievement in the Open Finance Rating!
Earning a gold rating in the Open Finance category highlights Scottish Widows’ dedication to developing innovative solutions that empower both businesses and individuals. This achievement signifies their commitment to fostering a more connected and transparent financial ecosystem.
We applaud Scottish Widows for their well-deserved recognition and their focus on driving progress within Open Finance.
Transaction history & categorisation:
When an account has been linked to Scottish Widows, on average, 3 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, and users can add their own).
Including partner & joint accounts:
Scottish Widows allow users to connect their banking, savings and credit card accounts, and those in a joint names.
Account connectivity:
Using open finance technology, workplace scheme members can connect their current accounts, savings accounts and credit cards.
Messaging & outcomes:
Scottish Widows 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.
Consent:
Scottish Widows 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.
Bank Connectivity:
Scottish Widows can use open finance to retrieve account data from 26 of 27 of the high street and challenger banks we have in our analysis. At this time they do not connect to non-UK bank accounts.
Our annual ratings are designed to assist advisers, providers and employers in their decision-making process and highlight which providers have the greatest strengths, all the awards and the accompanying provider factsheets please visit www.benefitsguru.co.uk/ratings/ click on relevant areas of their pension propositions.
