EXCLUSIVE: Lorica Employee Benefits is to launch a money portal, which aims to help employees manage their personal finances and employee benefits.
The system aggregates an employee’s personal finance-related products and services, such as credit cards, bank accounts, mortgage payments and standing orders, alongside their employee benefits.
The technology, which is being created by Lorica Employee Benefits and Sammedia, creates the first complete picture of an employee’s financial life, so that they can clearly understand their current financial status and spending habits, as well as future needs.
The platform also supports employers’ duty of care. Its retirement builder, for instance, allows employees to gain a better understanding of their future and potential income in retirement.
The money portal will be a module of a larger workplace savings and benefits platform that Lorica is developing. The money module can be purchased as a standalone product, or as a part of the larger product, which will join workplace savings, flexible benefits, total reward, corporate wrap platforms, and the money portal together into one platform. Using single sign-on, the system will link to various employee benefits providers.
Tobin Murphy-Coles, commercial director at Lorica, said: “The portal is a highly interactive financial management tool providing all information in one place. In one single secure dashboard, employees can view the status of their bank and credit cards, spending, mortgages and other assets.
“For most of us, checking our pension and total rewards is something we don’t do regularly enough, but Lorica’s money platform brings work finances alongside bank statements and credit card bills, for instance, for the first time.
“What it does with all this information is also interesting; it shows individuals what they spend their money on, whether it’s food or fuel or a direct debit mortgage payment.”
Sim Sangha, business development director at Sammedia, added: “The system shows employees the cost of delaying retirement saving, or, put it in another way, shows them the benefits of saving now by making some lifestyle changes. We hope these will help nudge people into action.
“With a click of a button into the money portal using secure single sign-on technology, employees will be able to access all financial information in one place, enabling them to take much better control of the money they earn and spend.”