Personal finance app TotallyMoney has unveiled an Open Banking-powered tool designed to help its more than five million UK customers protect and build their credit score.
The new feature from TotallyMoney has been developed as part of its longstanding partnership with data intelligence platform Bud.
The tool will help customers track past and upcoming payments, to avoid any missed payments, and informs them of any bills that might negatively or positively impact their credit report.
Payment behaviour makes up 48% of an individual’s credit score, according to TotallyMoney, while research has found that poor scores can cost credit card customers an extra £693 annually.
A study by TotallyMoney, conducted this year, found that 37% of UK adults said they would grant Open Banking access to their financial data, if it meant they could manage their own finances better.
Alastair Douglas, chief executive officer of TotallyMoney, said that the past few years of higher inflation and rising interest rates have “played havoc with people’s finances, with many now struggling to manage their money and make ends meet”.
TotallyMoney’s Gabrielle Gleeson
“To help with this problem, customers can now connect their Open Banking data through the TotallyMoney app to track paid and upcoming bills, so they can stay on top of their finances, and protect their credit score,” he said.
“We’re also working with a number of Open Banking-ready lenders, who we’re integrating via APIs, meaning they can benefit from quicker and more accurate affordability assessments, and resulting in better outcomes for customers.”
Jakub Piotrowski, vice president of product at Bud, added: “We’re proud to be a long-standing partner in their journey to empower individuals with the tools they need to take control of their financial futures.
“Bud’s cutting-edge transaction AI underpins TotallyMoney’s new feature, ensuring that customers have accurate insights to track their payments and boost their financial position.”
Gabrielle Gleeson, TotallyMoney’s chief commercial officer, will be in discussion at Open Banking Expo UK and Europe on 18 October, with George Dunning, co-founder and chief operating officer of Bud, and Priyanka Singh, head of product, Open Banking at TransUnion.
During a Fireside Chat, they will share how organisations can positively influence consumer behaviours by providing highly personalised, actionable insights.
