PensionBee sees 37% increase in new customers during lockdown

Rachael Oku

by , Head of Brand and Communications

19 Aug 2020 /  

19
Aug 2020

Woman looking at her phone, dressed in dark clothing standing in front of a yellow background.

London, 19 August 2020: PensionBee, the UK’s leading online pension provider, has seen a 37% increase in the number of customers who completed their first pension transfer between March and July in 2020, compared to the same period in 2019, signalling that consumers used their time in lockdown to manage their finances and plan ahead for their future.

PensionBee customers were found to have been increasingly engaged with their savings during lockdown, with almost 49,000 customers contacting PensionBee via live chat or email between 1 March and 31 July 2020, up 218% from the same period in 2019. This is more than double the 107% growth of customers with a live balance.

Consumers who manage their pensions online were able to more easily engage with their pensions during lockdown. Between 1 March and 31 July 2020 there were almost 400,000 visitors to the online PensionBee balance API through its Open Banking partners, such as Starling, Moneyhub, Yolt, Emma and MoneyDashboard. The pension provider saw a 35% growth in visitors and an average of c.2,600 visitors a day. In addition, during lockdown PensionBee recorded close to a million customer smartphone app sessions, and almost 40,000 new app installations.

Romi Savova, Chief Executive of PensionBee, commented: “It is encouraging to see that consumers were using their time in lockdown as an opportunity to review their finances and look for ways to further their money. It is during times like this that the benefits of being online are clear - those who manage their pensions with us can more easily check their balance and make contributions than with older, legacy providers. At PensionBee our aim is always to make saving simple for our customers. We work hard to give back control to the consumer – and we urge the rest of the industry to do the same.”

Appendix

Table 1: Growth in number of customers who completed their first transfer

01 March - 31 July 2019 01 March - 31 July 2020 Increase (%)
Customers with first transfer live 8,066 11,011 37%

Source: PensionBee, August 2020.

Table 2: Number of times customers contacted PensionBee via live chat and email

Tickets received 01 March - 31 July 2019 01 March - 31 July 2020 Increase (%)
Live chat 3,164 5,718 81%
Email 12,116 42,922 254%
Live chat and email total 15,280 48,640 218%

Source: PensionBee, August 2020.

Table 3: API calls from third party apps, 2020

March April May June July Total Daily Average Growth (Mar-Jul 2020)
69,051 69,854 81,303 84,261 92,973 397,442 2,597.7 35%

Source: PensionBee, August 2020.

Table 4: App engagement, 1 March- 31 July 2020

New installations Interactions
38,668 936,284

Source: PensionBee, August 2020.

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