In a bid to offer fairer access to financial products amidst rising interest rates and inflation, TotallyMoney, the renowned personal finance app, has joined forces with Bud Financial (Bud), a data intelligence platform, to introduce a groundbreaking service. The new offering utilizes advanced AI models to analyze users’ complete financial data through open banking, empowering consumers to take control of their finances.
With Bud’s sophisticated AI capabilities, TotallyMoney will now offer customers real-time tracking of their bills and payments, keeping them informed about outgoing and upcoming expenses. The AI-trained models will assess 12 months of banking data, identifying regular payments such as utilities, subscriptions, and rent, and provide a dynamic breakdown of future payments. By leveraging Bud’s data intelligence, TotallyMoney aims to equip users with valuable insights to plan ahead and understand the potential impact of financial decisions on their credit scores.
As a purpose-driven fintech, TotallyMoney focuses on serving the 20 million financially under-served adults in the UK. The app allows customers to control their data, enabling personalized plans, products, and insights to unlock better financial choices. Through strategic partnerships with leading and specialist lenders, TotallyMoney provides an extensive range of products, including loans, credit cards, and mortgages, tailored to meet the needs of the financially under-served. The new AI-powered payments tracker will be offered to TotallyMoney’s customers free of charge, further enhancing their financial well-being.
Alastair Douglas CEO, TotallyMoney, says: “For decades, credit report data has remained largely unchanged, having not kept up with 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. 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.”
“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. 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. We’re proud to enable TotallyMoney to build smart money management tools for their customers. Supercharging affordability and driving financial resilience is what we do,” adds Ed Maslaveckas, CEO and Founder of Bud Financial.
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