This initiative aims to support customers by educating them on how to manage their finances, thereby optimising their personalised digital banking experiences.
Moneyhub’s technology categorises all of the bank’s transactions, including card transactions, direct debits, standing orders, transfers, and faster payments, for both income and expenditure.
This collaboration leverages Moneyhub’s AI-driven categorisation and optimisation, which has been trained directly by users for over a decade, thereby offering augmented accuracy. Moreover, Moneyhub is regulated by the FCA and ISO 27001 certified, highlighting its commitment to security.
Through this partnership, the two firms aim to improve the time and accuracy of transaction classifications, enabling customers to access products and services while providing real-time insights to inform their financial decisions.
The alliance follows the bank group’s recent announcement regarding its decision to utilise Google Cloud’s AI and data science capabilities to transform customer and employee experience.
The collaboration between the two firms began in October 2022, when Moneyhub secured an initial GBP 35 million in funding from high-profile backers, including Legal & General and Lloyds Banking Group.
An additional GBP 5 million debt facility was provided by Shawbrook. Legal & General’s investment was partially subject to regulatory approval.
Lead Investors Legal & General and Lloyds Banking Group took minority stakes in the business. Both Lead Investors also looked to improve their commercial propositions with Moneyhub’s services, using its open data technology to support strategic goals. The investment helped accelerate the ongoing development of Moneyhub’s solutions, including those related to pensions and wealth, payments, distribution, affordability, and Data-as-a-Service. While Moneyhub was already present in several countries, the new funding expedited the internationalisation of its technology.
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