Benefits Guru Open Finance Ratings 2024
Congratulations to Standard Life’s exceptional performance in the recent Benefits Guru Open Finance Ratings! These esteemed awards, powered by the Finance Technology Research Centre, recognise providers who prioritise employee financial well-being.
Standard Life’s impressive sweep of gold awards stands as a powerful testament to their unwavering dedication to excellence. This achievement underscores their commitment to providing innovative and high-quality financial wellness solutions that empower their customers to flourish.
We extend our wholehearted congratulations to Standard Life on this well-deserved recognition, solidifying their position in the financial wellness landscape.
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).
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.
Account connectivity:
Using open finance technology, workplace scheme members can connect their current accounts, savings accounts and credit cards.
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.
Consent:
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.
Bank Connectivity:
Standard Life can use open finance to retrieve account data from all 27 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.
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.
