TotallyMoney integrates open banking with Bud to unlock customer data for better borrowing

TotallyMoney, the credit app focused on the ‘under-served’, has chosen Bud’s open banking platform for a partnership which will help improve access to credit approvals for its customers as the cost-of-living crisis intensifies.

The partnership will harness live open banking data, bringing it together with credit report, eligibility and TotallyMoney’s own product data. With inflation at its highest level in 30 years causing millions to eat into their savings and at risk of missing payments, this will help customers understand their affordability position and what makes them attractive to lenders.

TotallyMoney customers are already able to benefit from its Dynamic Actions, which show 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. Now, Open Banking data will supercharge this personalisation with better insights and analysis, showing them what might be holding them back from receiving better offers.

At the same time, it will benefit TotallyMoney’s lending partners, aiding more accurate eligibility scoring and lending decisions to drive better outcomes on both sides.

The announcement comes shortly after TotallyMoney announced new investment of £9 million in the business, and a milestone of four million customers in November. With a unique focus on those it believes are under-served by mainstream finance and other fintech companies, the pandemic has seen its potential audience base grow to c. 25 million UK adults. Now, the cost-of-living crisis has placed millions more in this position.

Alastair Douglas, CEO of TotallyMoney said: “We’re at a really exciting tipping point. 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 said: “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.”