Tink partners with Snoop to provide money-saving insights to consumers
European Open Banking platform Tink and money saving app Snoop have teamed up to provide consumers with personalised money management to support them during the cost-of-living crisis, using Open Banking.
Through the new partnership, Snoop will use real-time transaction data aggregated through Tink’s Open Banking platform to provide UK consumers with insights on how to cut their bills, pay off debt and save money.
John Natalizia, co-founder and CEO of Snoop said that people with mortgages and debts in the UK “are facing a very real credit crunch over the coming months”.
“Our aim is for Snoop to be an essential resource for everyone looking to navigate these turbulent times. Working together with Tink means we can provide contextual money-saving insights and deliver a personalised, fast and accurate customer experience,” he added.
Snoop recently passed one million downloads and, in July, won two awards at the Open Banking Expo Awards 2022. The app was named the winner in the Best App – Consumer and Best Use of Open Banking Data categories.
The rate of inflation, as measured by the Consumer Prices Index, rose by 9.9% in the 12 months to August, down slightly from the 10.1% measured in July. A fall in the price of motor fuel was the reason for the drop, according to the Office for National Statistics, while rising food prices made the largest upward contribution to inflation.
Tom Pope, head of payments and platforms at Tink, added: “With inflation at its highest in over 40 years, services like Snoop are invaluable as the cost of living continues to soar.
“By providing proactive money management insights, through data that shows consumers where they can save — this is a collaboration that is demonstrating the real-world value of Open Banking.”
Recent research conducted by CRIF found that 64% of UK consumers still think banks and other financial providers aren’t doing enough to help their customers through the economic hardship they are living through now.
Some European consumers (37%) told CRIF they want to see banks “proactively reach out” to customers if they can help them save money on services, like insurance or other household bills.