Fleet, Hampshire (PRWEB UK) 1 November 2013
Traditional banking and workplace rewards are being brought together online for the first time with Bigblue 'money'. Several large employers are already working with Lorica Employee Benefits to incorporate the technology for their staff.
Described by one market commentator as a seismic change, Bigblue includes a new money module to help employees gain clarity and manage their personal finances and employee benefits in one portal. It also shows their net worth and what they need to do to create a better retirement for their 'future me'.
The money module 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.
It creates the first complete picture of a person's financial life so they can clearly understand their current financial status and spending habits, as well as future needs for their 'future me'.
Employees can see bank and credit card statements while they see their work rewards and plan for their future. Indeed a simple graphic shows what a person owes and owns, so they can see what they are worth.
Bigblue in its entirety wraps in Lorica's money, flexible benefits, voluntary benefits, online benefits dashboard, pension and auto-enrolment modules into one system, with single sign on and links to relevant providers. Lorica is one of a handful of companies able to make this move as it is not tied to one provider. The technology is agnostic and works with the providers required by the employer, supporting their corporate and employee needs.
The offering is envisaged to create a hefty upswing in employee reward website visits, supporting employee engagement. Personal finances cannot be seen by the employer.
Tobin Murphy-Coles, commercial director of 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 their workplace rewards, along with the status of their bank and credit cards, spending, mortgages and other assets. It compiles everything - even if someone has the good fortune of having a classic car or fine wine collection.
"We know that if we can show someone what they spend their money on, they are on the first step to controlling finances and determining a budget or debt solution. It's all about full knowledge, and simplifying the process for employers and employees. It helps an individual find additional savings so they can put that money towards important pension and health offerings should they wish."
"We then help individuals further, should they wish, through a range of financial education courses. It combines the best of automated services with personal support."
Lorica's money portal also helps address pensions-related apathy common among employees who mistakenly believe they have plenty of time to save for retirement, do not have enough money to start saving, or because of Auto-enrolment, that they are saving enough.
Indeed, 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, helping them to see the situation of their 'future me'.
Bigblue's money portal is part of various technology choices for employers.
Employers are largely unaware of the advisory timebomb facing the UK; there is not enough pension advisory support in the country to help the thousands of companies needing to meet their legal Auto-enrolment obligations in time for their staging dates.
James Biggs, Director of Corporate Pensions at Lorica added, "Whatever number of companies advisers have taken past their auto-enrolment staging dates over the last few months, they'll have to do 10 times that in the next year. There is not enough advisory support in the country to handle the demand, and we need to ensure that technology can simply help companies comply with the complexities of the regulations."
About Lorica Employee Benefits
Lorica is a market-leading employee benefits provider and consultancy. It offers bespoke advice and expert support in six core areas: corporate pensions (workplace savings and actuarial); flexible benefits; benefits and reward consulting; wealth management; employee financial education; and health, risk and wellbeing. Lorica's objective is to enable clients to quantify and improve upon the investment they make in their most important asset - their employees.