Benefits Guru Open Finance Ratings 2025
Congratulations to Standard Life on achieving all Golds! This remarkable accomplishment is a testament to your unwavering dedication and hard work. Your commitment to excellence has truly paid off, and it is inspiring to see the results of your efforts.
Your success is not only a reflection of your individual talents but also of the strong teamwork and collaboration within your organisation. Each member of the team has played a crucial role in reaching this milestone, and it is a proud moment for everyone involved.
As you celebrate this achievement, remember that it is just the beginning. With your continued passion and determination, there are no limits to what you can achieve. Here’s to many more successes in the future!
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.
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.
