Following a comprehensive review of the market, Lloyds Banking Group (LBG) has selected Moneyhub to categorise and enrich all retail and non-retail transactions across LBG’s extensive 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 personalised digital banking experiences.
Moneyhub’s market-leading technology will categorise 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 categorisation and enrichment, trained directly by users for over a decade, thus offering an unparalleled level of accuracy.
Ranil Boteju, group chief data and analytics officer at Lloyds Banking Group, said: “Partnering with Moneyhub will allow us to rapidly deliver far richer and more valuable insights for our customers.
“By combining Moneyhub’s advanced categorisation 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, chief commercial officer at Moneyhub, said: “We are delighted to be chosen by Lloyds Banking Group as their categorisation partner. Our extensive experience in transaction categorisation 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.”
Further reading: Moneyhub finds UK consumers ‘clearly ready’ for Open Banking payments
