TotallyMoney integrates open banking with Bud Financial

By Gloria Methri

TotallyMoney, the credit app focused on the ‘under-served’, has chosen Bud’s open banking platform to help improve access to credit approvals for its customers.

The partnership will harness live open banking data, bringing it together with credit reports, eligibility, and TotallyMoney’s own product data.

With inflation at its highest level in 30 years, 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.

Alastair Douglas, CEO of TotallyMoney said, “We are 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.”