Using both our Assess and Engage solutions, Blackbullion will make it easier and faster for students in need to apply for additional funding, including support funds, scholarships and grants from their place of study and third-party organisations, through the Blackbullion platform.
Blackbullion will also integrate Bud’s deep financial insights into the first financial literacy and wellbeing app built for students, to equip students with the money management skills they need to gain control of their financial lives.
“One of our core focuses here at Bud is to improve the financial wellbeing of individuals, and what better place to start than with young people and university students embarking on their journey of financial independence,” says our Co-Founder and CEO, Ed Maslaveckas.
“That’s why we’re incredibly excited to work with Blackbullion and deploy our data intelligence and advanced AI capabilities to spark financial resilience and financial success for tomorrow’s workforce,” adds Ed. “We generate a multitude of customer insights and dynamic financial breakdowns that equip universities, colleges and higher education providers with the right tools to make processing financial applications faster, fairer and just easier.”
Driving operational efficiencies – for students and staff
Blackbullion’s platform houses the UK’s largest hub of support funds, scholarships and grants for students. For those of Blackbullion’s partners using the Funds Management System (FMS) to manage an unlimited number of support funds, eligible students can apply for these directly through the Blackbullion platform.
Historically, this process has required students to submit bank statement-related evidence, as proof of their eligibility, which has been a long and laborious manual process, adding pressure to students and delaying their access to funds.
Using Bud’s Assess solution, Blackbullion is giving students the option to connect their bank account to their application so this evidence can be automatically pulled in. This saves the student significant stress and time – meaning they can now provide this evidence in just three to five minutes, whereas it was previously taking an average of 40 minutes per bank account.
It also saves Blackbullion’s staff time by reducing the need for back-and-forth communication with students if something is missing from this evidence being provided manually. So far, nine in ten students who have been offered the option to use Bud’s Open Banking to provide this evidence automatically have chosen to do so.
Helping students to budget with real-time transaction data insights
We’re also supporting Blackbullion to drive efficiency in its personal finance app designed specifically for students. The app is a personalised budgeting tool designed to help students put their financial skills into practice and make their money last until the end of the term.
It uses Bud’s open banking and transactional AI solution to project students’ future finances based on their current trajectory. It also provides real-time insights into their spending and suggests areas where they can save.
This brings a more proactive approach to supporting students' financial wellbeing in the long term, and it can also significantly reduce the pressure students face as they navigate the uncertainties of financial independence during university.
“Faster, easier and more accurate…”
“We’re thrilled to partner with Bud to support students’ financial wellbeing, whether that be via consistent financial education through our newly launched app, or when applying for additional funding through our financial wellbeing platform, says Vivi Friedgut, Founder and CEO of Blackbullion. “This partnership will enable faster, easier, and more accurate funding application processes – making sure students can access funds when it matters.”