‘Easy bank transfer’ used by over a third of new customers to make pension contributions

Over a third of new customers (35 per cent) made in-app pension contributions via an ‘easy bank transfer’ between 1 February and 30 April 2022, new analysis from PensionBee has revealed.

PensionBee’s ‘easy bank transfer’ facilitates a “quicker, easier, safer, and more convenient way to make pension contributions”, according to the company, by redirecting customers to their chosen bank account to confirm or reject a payment request.

The provider revealed that, in the three months since the feature’s launch in PensionBee’s app, ‘easy bank transfer’ was almost as popular as Direct Debit, which was used by 39 per cent of new customers when making pension contributions over the same period.

In comparison, standing orders or bank transfer methods lagged behind, with 26 per cent of new customers opting for this method of contribution during the same period.

PensionBee began utilising Open Banking in 2018, enabling customers to see their complete financial position with their live current account balance in certain money management apps, such as Starling Bank and Snoop.

PensionBee chief technology officer, Jonathan Lister Parsons, commented: “Open Banking is changing the way we manage our finances, making it easier to transact personal finances and build products that are much more accessible to many more people.

“For too long consumers have put up with contributing into a pension being much more difficult than it should be, due to slow and outdated payment methods.

“At PensionBee, we’re proud to have been early adopters of Open Banking and by utilising technological advances such as these, we hope to make saving for the future as simple as possible, helping our customers achieve full financial freedom so they can enjoy a happy retirement.”

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