TotallyMoney, a credit app focused on the ‘under-served’, has integrated with open banking AI platform, Bud to improve access to credit approvals.
With inflation at its highest level in 30 years, the partnership is aiming to use the additional live open banking data to give customers a better understanding of their affordability position and what makes them attractive to lenders. They will also receive personalised, real-time updates. In turn, lenders will also benefit from more accurate eligibility scoring and decision making, the companies said in a statement.
TotallyMoney users currently have access to its Dynamic Actions tool, which shows them exactly what they can do next to improve their eligibility for credit, intelligently ranked by impact. This means completing the actions at the top of the list will be the fastest way to improve the credit offers.
The company said the new open banking data will allow it to enhance this personalisation with better insights and analysis, showing them what might be holding them back from receiving better offers.
Alastair Douglas, CEO of TotallyMoney said: “Too often in the credit market, data works against people, so they are matched with the wrong products or declined altogether. Open banking is a huge opportunity, and our partnership will bring this data into the lending ecosystem, enabling deeper insights for customers into their financial position and enabling better borrowing habits. This will empower our customers to step from ‘just about managing’ to moving their finances forward.”
Ed Maslaveckas, CEO of Bud added: “When we founded Bud, it was because we thought being great with money should be easier than it is. Enabling fair access to credit is a crucial part of that process and is one of the many areas where open banking will fundamentally change the way we think about our finances.”
