What is Account Aggregation?
Account Aggregation allows users to view their pension fund value alongside other financial products, such as current and saving accounts, all within a single app interface, making it easier for customers to track their overall financial position.
The account aggregation feature makes it easier for customers to monitor their complete financial picture and helps users see their pensions as a core part of their overall financial health, rather than an isolated product.
Who’s Offering Account Aggregation?
Working with BehindLogin’s Global Research Panel, we have identified the following providers offering account aggregation
- Scottish Widows
- Standard Life
- Mercer Money
- PensionBee
- Penfold
Market Evaluation
At BehindLogin, we recently researched the importance and ease of tasks in pension apps from a user’s perspective. Our methodology of research includes the Jobs To Be Done framework, read our blog to understand more https://behindlogin.com/news/jobs-to-be-done-framework/. We surveyed 600 participants and found that, across the board, the top priority for users was a straightforward task: “View your fund balance.” Echoing this insight, in 2021, the Pensions and Lifetime Savings Association research discovered 56% of pension scheme members prioritise viewing their pension balance over other features. Ultimately, knowing that the most important task for pension app users is to view their fund balance, account aggregation is a promising solution to meet this need. But, what do users think of that?
Notably, in 2022, Accenture published a report stating 72% of users prefer accessing financial tools within their main banking app rather than downloading separate ones. Given this insight, it is clear that account aggregation holds appeal, especially when integrated into platforms users already rely on.
