As spiralling interest rates and inflation threaten to push swathes of UK consumers deeper into financial discomfort and distress, leading fintech experts and tech-savvy lenders are working to empower millions of consumers to unlock holistic financial data and gain fairer access to the right financial products.Here’s what it means for financial service providers and their customers.
Helping consumers to build, improve and protect their credit scores
TotallyMoney, the personal finance app which empowers over 5 million UK consumers in improving their credit scores and move their finances forward, has selected Bud to power its new payments tracker – designed to enable consumers to proactively stay on top of their finances, using AI models to analyse their complete financial data made available by open banking.
Using our AI and data intelligence platform, TotallyMoney will further assist its customers to stay on top of their bills and payments so they can build, improve and protect their credit scores.
With Bud’s deep AI capabilities, TotallyMoney can leverage laser-accurate, real-time open banking data to generate predictive insights and arm its customers with proactive bill and payment tracking, empowering them to stay on top of outgoing and upcoming payments.
Bud's impact on TotallyMoney
Since first integrating with our platform in January 2023, TotallyMoney has supercharged affordability and eligibility assessments for pre-approved loans by taking into account more comprehensive and precise datasets, enabling them to ensure 75% of all loan applications are processed within 15 minutes or less (versus 80% of applications processed in 60 minutes or less with credit bureau data alone.)
Alastair Douglas, TotallyMoney’s CEO, notes that credit report data has remained largely unchanged for many years, and hasn’t reflected social and economic changes.
“The information is slow to update, and therefore doesn’t provide a fair representation of somebody’s ability to manage and repay what they borrow — having implications for both customers and lenders,” says Alastair. “By integrating open banking data, powered by Bud, we’re bridging the financial inclusion gap for the 29 million UK adults who are classified as under-served or financially fragile. Banks now have better insights to assess a customer's eligibility, while our latest feature helps customers manage their money and protect their credit score, helping them unlock a life of more choices.”
In fact, our AI-trained models take into account 12 months of consumers’ latest banking data, identifying regular payments such as utility bills, subscriptions, rent and so on; enabling the system to generate a dynamic breakdown of upcoming payments in minutes.
TotallyMoney can now use Bud’s data intelligence services to generate insights that empower customers to plan ahead and understand the impact of their financial decisions on their credit scores.
Unlocking AI-powered personalisation at scale
TotallyMoney’s new AI-powered payments tracker is a valuable tool for consumers who want to improve their credit score and manage their finances more effectively. It also raises the bar for financial institutions that want to provide a truly useful and personalised financial services experience.
Our founder and CEO, Edward Masleveckas, is proud that Bud is central to TotallyMoney’s smart money management tools.
“AI is enabling businesses and lenders to generate unique customer insight based on their data. Now, by combining a number of models, we’re able to help our clients treat their customers as individuals,” says Edward. “At Bud, we bring together data, internal and external, and help our clients understand who their customers are. Whether institutions are looking to create better lending outcomes or make every customer interaction data-driven, we’re here to deliver proven returns.”
Ready to discover hyper-personalised financial experiences? Schedule a meeting with our experts today.
