The fintech firm, Bud has signed a deal with the financial institution, Dozens – the new challenger digital banking app, whose primary focus is helping customers to save and invest more effectively.
The deal will give prospective customers the opportunity to experience some of what Dozens has to offer without having to fully sign up. All they’ll need to do is register, complete a basic KYC and connect one or more of their existing accounts (with other high street banks and investment managers) through Bud’s open banking platform. From there, they’ll be able to use Dozens budgeting and analytics tools before having to download the Dozens app and complete a full KYC. If a prospective customer then decides that they like what Dozens has to offer, the onboarding process is much swifter, as the KYC flow will only ask for additional details to those already given in the initial registration.
Existing Dozens customers, through Bud’s platform, will be able to connect one or more of their accounts to the Dozens app. This will allow them to view tracking and budget insights across all of their accounts in one place.
Aritra Chakravarty, CEO of Project Imagine and Dozens commented: “Dozens’ mission is to help its customers manage, save and grow their money. The savings tools and investments products, already live in the app, provide a lot of financial choice; but often the hardest step for users is to get started in the first place.
“Bud’s Open Banking platform provides us with the perfect solution to this by allowing Dozens’ customers to get a complete view of their present financial situation across the different institutions that they already have accounts with. Compared with their stated financial goals, this will then allow us to present an easy-to-understand gap analysis to our customers.
“We also intend to design journeys for prospects that will enable them to familiarise themselves with our platform and see how it could help them save, even before signing up with us.
“So our collaboration with Bud is a big and exciting step forward in encouraging people to take a full 360 view of their finance, helping them make better decisions with their money in terms of spending habits, saving and investing opportunities.”
Ed Maslaveckas, Bud’s CEO added: “Dozens has invested heavily in creating a brilliant user experience that genuinely helps people to achieve their financial goals, so it makes total sense to me to turn that product investment into an acquisition channel.
“This is a perfect example of the kind of initiative we set up our platform to enable – companies seeing the potential of a clean, contextual, transaction dataset and using it intelligently to solve problems and grow their businesses.”
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