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SEI turbocharges Master Trust offering with Moneyhub partnership to help members save more for retirement

By Moneyhub

  • Ninety-four percent of UK employees admit to worrying about money and, of these, 77% say this impacts them at work[1]
  • Approximately 4.2 million worker days each year are lost in absences because of a lack of financial wellbeing. That’s the equivalent of £626 million in lost output[2]
  •  Nearly 69% of UK employers believe staff performance is negatively affected when employees are under financial pressure[3]

LONDON, 15 Sept., 2020 – Moneyhub Enterprise, the market-leading Open Finance data and intelligence platform, announced today a strategic partnership with SEI (NASDAQ:SEIC), a leading global provider of investment processing, management and operations solutions, to enhance SEI’s Institutional Group’s Master Trust proposition for its Defined Contribution (DC) scheme clients. Working collaboratively, SEI’s Institutional Group will utilise Moneyhub’s Personal Financial Management (PFM) platform to help improve engagement and financial wellbeing for members. As financial worries take a backseat, productivity, work satisfaction and flexibility in career progression can increase—benefiting employers and employees alike.

The Confederation of British Industry (CBI[4]) recently reported that 80% of employees don’t know if they are saving enough for retirement. Improving engagement levels will mean employees are better informed about their finances and therefore may feel more empowered to take steps to safeguard their financial futures. Indeed, almost all (93%) of business leaders think that improving engagement will boost contributions[5].

SEI now provides people with an intuitive platform that can be accessed via desktop, tablet or mobile app. The solution comes pre-populated with the scheme member’s employer pension information. Going a step further than the pension dashboard, members can connect all their bank accounts, savings, investments, other pension plans and more for an aggregated view of their overall financial positions. This enables clients to see their total net worth and understand and manage all their finances, such as income, expenditure and budgeting.

Using machine learning, Moneyhub’s platform enriches, categorises and analyses the individual’s interactions to get a better understanding of their needs and lifestyles. It is then able to use the intelligence to give hyper-personalised offerings through its actionable insights called “nudges” to help them make more informed decisions around their finances. For example, a reduction in spending on taxis might prompt a nudge to sweep those savings into a pension pot.

This machine learning technology, coupled with Moneyhub’s ability to provide an aggregated view of the user’s financial position, will ensure that this strategic partnership offers accessible and easy-to-plan retirement saving functions to SEI’s institutional clients.

David Snowdon, Director of Defined Contribution for SEI’s Institutional Group, commented: “We are continually striving for greater employee engagement in the pensions industry and looking for new ways to innovate our Master Trust offering to break down barriers of accessibility and lack of employee dynamism.

Moneyhub and its powerful, insightful Open Finance solutions seamlessly support our vision, creating a highly personalised user experience. We are proud to be able to offer our members and their employees a consolidated approach to their savings that will support them in their financial future and feeling secure in one of the most important areas of life.”

Samantha Seaton, CEO of Moneyhub, commented: “SEI shares our views on the importance of employers helping employees with financial guidance to improve wellbeing. We are thrilled to be supporting the evolution of SEI’s Master Trust proposition with our powerful machine learning capabilities.

This forward-looking collaboration further showcases the potential and innovative nature of Open Finance and how it can play a greater role in financial wellbeing, which is becoming increasingly central in these unpredictable times.”

ENDS

[1] Close Brothers Research, 2019 The Financial Wellbeing Index

2 Centre for Economics and Business Research, 2018 Financial wellbeing and productivity: A study into the financial wellbeing of UK employees and its impact on productivity

3  Neyber, 2018 The DNA of Financial Wellbeing 2018

4 https://www.cbi.org.uk/media/3053/future-savings.pdf

5 https://www.cbi.org.uk/media/3053/future-savings.pdf

Notes to editors

For further information, please contact:

David Sells/Eleanor Ross at Teamspirit for Moneyhub

moneyhub@teamspirit.uk.com  / +44 (0)20 7360 7878

Leslie Wojcik at SEI lwojcik@seic.com / +1 610-676-4191

Jessica Vallance at Vested for SEI jess@fullyvested.com / +447580542069

About Moneyhub

Moneyhub is the leading Open Finance platform that enhances the lifetime financial wellness of people, their communities and their businesses. Moneyhub’s APIs and white label solutions power businesses – both from within and from outside of financial services – with data connections and intelligence, leveraging Open Banking payments to enable hyper-personalised experiences that drive customer engagement.

The company takes consumer data security seriously and has been instrumental in the roll-out of Open Banking from its beginning. Providing Open Finance solutions since 2014, Moneyhub is authorised as AISP and PISP by the FCAISO-27001 certified, a founding member of FDTA and a member of EMA. For more details, please visit https://www.moneyhubenterprise.com/.

About SEI’s Institutional Group
SEI’s Institutional Group is one of the first and largest global providers of outsourced investment management services. The company delivers integrated retirement, healthcare and nonprofit solutions to more than 470 clients in 12 countries, as of June 30, 2020. Our solutions are designed to help clients meet financial objectives, reduce business risk and fulfill their due diligence requirements through implemented strategies for the management of defined benefit plans, defined contribution plans, endowments, foundations and board-designated funds. For more information visit: seic.com/institutional-investors.

About SEI

After 50 years in business, SEI (NASDAQ:SEIC) remains a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of June 30, 2020, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $1 trillion in hedge, private equity, mutual fund and pooled or separately managed assets, including $318 billion in assets under management and $693 billion in client assets under administration. For more information, visit https://seic.com/.