Open banking has transformed the financial industry by allowing consumers to access and share their financial data with third-party providers through secure APIs. This has created new opportunities for innovation and competition in the financial services sector. However, there is one area where open banking has not yet had a significant impact: pensions. In this article, we will explore how having access to pension data could improve open banking, and how Envestnet® | Yodlee® can help make this happen.
Pension Data and Open Banking
Pensions are one of the largest and most important investments that consumers make in their life. However, pensions have traditionally been difficult to access and manage. This is because pension data is often scattered across multiple providers, making it difficult for consumers to get a comprehensive view of their pension investments. In addition, for the first time ever consumers are moving between jobs more often, with most employers often choosing a different pension provider meaning consumers have multiple pensions with multiple providers.
Open banking has the potential to change this. By giving consumers control over their financial data, open banking could make it easier for consumers to access and manage their pension investments. This would provide consumers with greater transparency and control over their pensions and could lead to better retirement outcomes.
The Power of Pension Data
Pension data is incredibly powerful because it provides consumers with a comprehensive view of their pension investments. By having access to pension data, consumers can:
- See how much they are contributing to their pensions
- See how their pensions are performing
- Identify any hidden fees or charges associated with their pensions
- Monitor the overall health of their pensions
- Make informed decisions about their pension investments
Having access to pension data is critical for consumers who want to make informed decisions about their finances. However, pension data is often difficult to access and manage. This is where we come in!
Envestnet | Yodlee and Pension Data
In some of the countries we support, we help our clients’ users access their pension data, providing them with a comprehensive view of their pension investments. The company's analytics services help its clients’ users better understand their pension data to make more informed decisions about their pension investments.
Want to learn more about Envestnet | Yodlee and how we can support your firm with open finance contact the sales team by completing our contact form.