Aviva selects Raisin for retail savings push

UK insurance giant, Aviva, has utilised the services of German fintech, Raisin, to move into the retail savings market. Aviva is launching “Aviva Save” via the fintech’s Savings as a Service platform, which uses open banking data flows. The deal will see the insurer provide its 15m UK customers with access to cash savings products for the first time.

Established in 2013, Raisin Platforms, operates as a subsidiary of the eponymous German bank (formerly MHB) which it acquired in 2019, becoming the first fintech in Germany to buy a bank. As a result of that deal, Raisin acquired a full-banking licence and expanded processing capabilities. In 2017 Raisin acquired Manchester-based PBF Solutions, which subsequently formed the mainstay of its UK operations and helped to ring-fence it against the impact of Brexit.

A number of established financial services providers have diversified their offerings in light of the impact of the coronavirus on their revenue streams (see: “Prospects for a post-COVID-19 world”). Meanwhile, the value of retail savings has been growing strongly as lockdown and caution over the economy have limited spending. Earlier this month, the Bank of England’s Monetary Policy Report highlighted that the pandemic had added around £125bn in additional savings, roughly equivalent to £5k per household. That figure is expected to continue to rise during 2021.

Posted by: Jon C Davies at 08:31

Tags: insurance   OpenBanking   Aviva   raisin   Savings  

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