TotallyMoney is tapping into AI through selecting data intelligence platform Bud Financial (Bud) to power its new service which enables consumers with financial management.
The collaboration will utilise AI models to analyse their full financial data made available by Open Banking.
Alastair Douglas CEO, TotallyMoney, stated: “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.”
Bud’s deep AI capabilities will enable TotallyMoney to use real-time Open Banking data to generate predictive insights and arm its customers with proactive bill and payment tracking.
Ed Maslaveckas, CEO and Founder of Bud Financial, added: “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.”
Bud’s 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, to generate a dynamic breakdown of upcoming payments.