Problem |
Customer-created onboarding data makes taking informed decisions difficult for lenders and financial advisors. Misrepresentation or mistakes by an applicant can be costly, time-consuming and make confident judgements a challenge. |
Solution |
Bud helps advisors get a clear picture of their customer’s finances with more accurate data on their income, living expenses and any debt they may have. This provides lenders with the right financial data to make quick, informed decisions and gives customers a simple and straightforward experience with their application. |
Receive and manage customer consent to securely access their current, credit card and savings account information and transaction data.
Categorises transactions into more than 200 distinct categories, provides merchant names and logos and identifies recurring transactions
Provides custom categories so that clients can map Bud's enrichment services to their existing onboarding forms and provides a shortcut to category totals for a given period of time.
Adds context by finding salary payments, other sources of income and calculating left-to-spend totals.
Customers connect all of their current, credit cards and savings accounts.
Pre-fill forms to make applications quick, easy and accurate.
Display income and committed spending such as bills and living costs.
Use the data and insight to reduce risk with informed decisions tailored to each applicant.
A lender's collections team, concerned with customers falling behind on repayments, has built a flow using Aggregation and Intelligence. To mitigate the huge number of drop-offs during the onboarding process we were able to automatically populate 60 out of 65 fields using aggregated data – completing more than 90% of the otherwise manual and laborious process.
Bud is the trading name of Bud Financial Limited, a company registered in England and Wales (No. 9651629).
Bud Website – Privacy Policy | Website terms and conditions | Cookie Notice | Privacy Settings | For consumers: Your rights – Payments
Bud® is authorised and regulated by the Financial Conduct Authority under registration number 765768 + 793327.