Following a review of the market, Lloyds Banking Group (LBG) has selected Moneyhub to categorize and enrich all retail and non-retail transactions across LBG’s customer base and brands, “including Lloyds, Halifax, Scottish Widows and Bank of Scotland.”
This will support customers to understand what they “spend their money on, and improve their personalized digital banking experiences.”
Moneyhub’s technology will categorize all of the bank’s transactions, “including card transactions, direct debits, standing orders, transfers, and faster payments for both income and expenditure.”
This partnership leverages Moneyhub’s AI-driven categorization and enrichment, “trained directly by users for over a decade, thus offering a level of accuracy.”
Ranil Boteju, Group Chief Data and Analytics Officer at Lloyds Banking Group, comments:
“Partnering with Moneyhub will allow us to rapidly deliver far richer and more valuable insights for our customers. By combining Moneyhub’s advanced categorization technology with our in-house GenAI expertise, we’ll improve the time and accuracy of transaction classifications, unlocking new products and services for our customers and providing real-time insights so they can make more informed financial decisions.”
Dan Scholey, CCO at Moneyhub, says:
“We are delighted to be chosen by Lloyds Banking Group as their categorization partner. Our extensive experience in transaction categorization has enabled us to develop a highly accurate engine that will benefit LBG and its customers. We look forward to enabling the many use cases this partnership offers, helping LBG become more efficient, profitable, compliant, and customer-centric.”
Moneyhub empowers banks, insurers, wealth managers and pension providers to deliver “intelligent, personalized financial journeys that drive better outcomes and long-term customer relationships.”
With an API-first platform, Moneyhub offers “enriched transaction data, AI-driven categorization, decisioning, analytics, and payment initiation services.”
These embedded data services and applications “help clients attract and retain customers, reduce operational costs, increase profitability, and improve financial wellbeing.”
Moneyhub is regulated by the FCA and “certified to ISO 27001, underscoring its commitment to security, compliance, and innovation.”
Lloyds Banking Group is a UK-based financial services group, “providing a range of banking services, focused on retail and commercial customers.”
Their strategy is focused on supporting the “needs of their customers, colleagues and communities, whilst delivering sustainable returns and creating value for their shareholders.”
Lloyds Banking Group has been “an investor in Moneyhub since 2022.”