Lloyds Banking Group has chosen Moneyhub, the data and payments fintech, to power the categorisation and enrichment of all retail and non-retail transactions across its core brands: Lloyds, Halifax, Bank of Scotland, and Scottish Widows. Following a thorough market review, the partnership aims to boost digital banking experiences by providing customers with clearer, personalised insights into their spending habits.
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, comments: “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, CCO at Moneyhub, says: “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.”