Open Banking provider Bud has been selected by pensions giant Aviva to provide the technology to power an Open Banking-enabled dashboard for its workplace pension clients.
Writing about the news on Bud’s website, strategic marketing lead Sam Oakley said: “Aviva originally reached out earlier in the year to discuss the prospect of providing an Open Banking-enabled dashboard to their workplace pension clients.
“The idea is that the dashboard will act as a new capability that Aviva’s clients can offer to their pension scheme members and correlates very closely with the insights coming from its ongoing age of ambiguity studies.”
The solution uses Bud’s Open Banking gateway, ‘Connect’, to help Aviva corporate pension members access transaction data through Open Banking.
Bud’s ‘Intelligence’ enrichment product will then turn the data into insights that can be used by customers to manage their finances.
Among the insights that Aviva’s dashboard will offer to members are where bills have increased and there might be an opportunity to switch providers, and an understanding of the carbon footprint of their spending habits.
Oakley called it a “milestone proposition”.
He wrote: “By the time the project starts to roll out, we estimate that we’ll be helping more people than any other Open Banking platform in the UK to understand and benefit from their financial data. That’s a huge step towards our goal of making sure that everyone, everywhere can benefit from their data and an exciting position to be in.
“Secondly, it’s a significant sign of confidence in the Open Banking ecosystem to see a non-bank institution with the scale of Aviva stepping in like this.”
Earlier this month, Bud announced it had raised $80 million in a Series B funding round to support its recent work on data enrichment.