UK-based data intelligence platform Bud Financial has partnered with Fluro to improve its decision-making through transaction AI and Open Banking data.
Following this partnership, Fluro will incorporate Bud’s AI offerings and capabilities into its account connection, categorisation, as well as its transaction analysis. This is set to improve its decisioning engine and affordability assessments, for its already existing customers and the new ones.
Through Bud’s platform and its I offerings, Fluro will be able to gain detailed insights and a holistic image of clients’ financial context, with access to wider and clearer transactional and financial data. While using Bud’s AI-trained models, Fluro will also have the possibility to access customer permission data, made available with Open Banking services, in order to improve the way users gain fairer access to financial products in a more efficient and secure manner.
The pool of data that is traditionally available via credit bureaux excludes wide segments of users that have a thin-file and no credit history, with the possibility of blocking their access to lending products. The AI data capabilities offered by Bud use data intelligence services to identify and categorise clients’ income vs their expenses, as well as discretionary vs non-discretionary spending. Fluro will use real-time data insights to make more accurate financial decisions and provide partners with a more inclusive and secure manner of accessing financial services, such as peer-to-peer lending products or personal loans.
Fluro’s customers are enabled to grant access to their real-time financial data by connecting their personal bank accounts and unlocking a more holistic view of their finances. In addition, the partnership allows the company to simplify and automate affordability assessments while enhancing underwriting outcomes. The firms aim to build a more transparent, effective, and safe lending process while widening the pool of potential customers and accelerating commercial development. Bud’s past partnerships and collaborations
Bud Financial announced its partnership with Google Cloud in May 2023. Its availability on the platform enabled businesses to collaborate with the data-intelligence fintech as part of their annual spending. This allowed the company to reap the benefits of a single Google Cloud commitment. In addition, the collaboration authorised current and prospective clients to immediately begin engagements with AI-powered financing solutions and cash flows because they did not require further budget approvals.
Bud’s platform was set to offer its end-to-end services in order to enhance financial data to fulfill important financial outcomes. This allowed marketplace users to better understand their clients and to optimise lending and underwriting, as well as to customise every customer’s touch point and manage their loan portfolios.
Earlier in February 2023, TransUnion partnered with Bud to improve the development of Open Banking in the industry. TransUnion’s collaboration with Bud Financial Limited focused on financial inclusion and the improvement and development of the personal finance market.
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