With over 47.5 billion financial transactions taking place each year in the UK, how can your business quickly and easily aggregate, enrich and analyse this data to provide rich, actionable insight to engage customers, inform future business strategy, drive growth, and support Consumer Duty compliance - all without costly, complex integrations?
Say hello to the AI-powered, Always-On Decisioning and Messaging Platform from Moneyhub, ready to revolutionise your customer journey with Next Best Action technology: automated, personalised interventions for your customers - made at exactly the right time.
AI powered categorisation, next level insight
As a lender, you have access to huge volumes of customer data - from financial transactions, account information, demographics and more. Insight from this data has incredible potential for your business, but making sense of it manually, in real time, is impossible. Advanced AI tools are the key to interpretation: ultra-accurate categorisation, instant identification of trends, and translation into powerful insights enable firms like yours to gain a truly holistic view of your customers and develop hyper-personalised and timely customer communications strategies to nudge customers toward better financial outcomes - increasing customer loyalty and trust, boosting revenue, and bolstering Consumer Duty compliance.
Moneyhub’s AI-Powered, Always-On Decisioning and Messaging Platform is already revolutionising the way many financial institutions, including CMA9 banks and leading lenders, operate - with Moneyhub’s partners:
Confidently lending to up to 30% more customers
Reducing default rates by up to 50%
What impact could that level of growth mean for your business?
Key features and benefits
Hyper-accurate categorisation
Not all categorisation engines are created equal. Using machine learning and natural language processing techniques to categorise, enrich and analyse customer data, the platform takes billions of transactions and categorises with acute accuracy, allowing you to make sense of your customer financial data in a way never seen before. Identify key risk indicators within your customer base, such as the detection of gambling transactions with industry-leading accuracy of 99.46%, allowing you to act on this information to make better informed lending decisions.
Market-leading insights and analytics
Via powerful AI, the Always-On Decisioning and Messaging Platform instantly identifies risks and trends that would otherwise be buried in the ‘noise’. Valuable customer segments are highlighted, such as those deemed as vulnerable, allowing you to deliver hyper-personalised messaging to prompt the right action for a particular individual, at the right time.
Always-on customer messaging, via chained nudges
Build a community of customers who trust and engage with your products and service in a whole new, deeper way. Data-powered chained nudges influence behavioural change by prompting timely, relevant actions when customers are most receptive. Each customer is taken on their own journey at their own pace, leading to a situation where every customer gets a unique interactional experience with your business.
By integrating always-on messaging via chained nudges, businesses like yours can quickly start to engage with customers in a far more ‘human’ way through your own data, behaviours and brand language, building a different narrative across multiple different customer cohorts, to message and direct customers towards the best course of action. For example; mortgage lenders could nudge customers when their loan-to-value ratio is high, prompting them to consider refinancing at a lower rate, whilst banks may nudge customers to consolidate high-interest debt when account balances rise.
The platform uses Moneyhub’s pioneering methodology of ‘chaining together’ nudges to support consumer education towards positive financial behaviours - a key aspect of the Consumer Duty. These ‘chains’, or journeys, mirror the natural progression of behavioural change, providing insight, support or useful education material at timely moments; a capability unique to Moneyhub. Nudges are automatically generated based on triggers from our market-leading categorisation engine, meaning that nudges are relevant and appropriate for each customer, thus achieving ultra-high engagement and conversion.
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Automated, ultra-accurate decisioning
View an applicant’s entire financial world - something not possible with credit checks alone. Get ready for automated, instant Affordability checks with real-time income and spending transaction insight, which alongside your own risk metrics, helps your business make faster, automated lending decisions. Detect when an applicant’s financial situation changes throughout a product’s lifecycle and provide support, reducing harm and encouraging lifetime customer engagement.
Consumer Duty compliance reporting
With Moneyhub’s AI-powered, Always-On Decisioning and Messaging Platform, access powerful Consumer Duty reporting tools that can be used to evidence better customer support, actions and outcomes. The Consumer Duty raises the bar for FCA regulated firms, expecting that consumers should receive communications they can understand, products and services that meet their needs and offer fair value, and that they get the customer support they need, when they need it, so that they can use and enjoy the full benefits of the products and services they buy.
For the last 10 years, Moneyhub has been providing technology to financial institutions to enable them to understand their customers’ financial lives by tracking, categorising and analysing behaviours in relation to spending habits and their overall financial situation. This consumer view, via our personal wealth management app, is unique to Moneyhub and enables machine learning (via consumer feedback) to constantly improve categorisation and insight, meaning your business can now take appropriate action via chained nudges with a higher degree of accuracy than any other categorisation engine on the market - and report on actions taken to clearly evidence Consumer Duty compliance.
Rapid implementation
With a simple ‘plug and play’ integration option, there’s no need to wait for resource to be allocated and the technology to be designed and built. Moneyhub’s platform can be rapidly incorporated into your existing tech stack, meaning your business can start seeing positive results straight away.
What’s more, the platform is ultra-extensible, and can be fully integrated with other systems as needed. For example, adding outside data to your existing data set can be easily achieved by including Moneyhub's Open Data Aggregation Engine - giving access to the widest range of consent-driven personal financial data on the market, to support holistic decisions, including cross-sell.
Ready to see how Moneyhub can benefit your business in 2024?
Get in touch to see how Moneyhub’s market-leading platform can help harness the power of your customer financial data, boost your business growth, and support Consumer Duty compliance into 2024 and beyond.
Read more: Improving the customer lifecycle