Money Dashboard, a pioneer in Open Banking, brings strong expertise in machine learning and data science, which will strengthen the ML4Fintech initiative, making it even more attractive to new innovators in the burgeoning Open Banking space.
What Is Machine Learning for Fintech?
Launched in 2018, the ML4Fintech project allows members to pass anonymised transactional data to GoCompare’s APIs, which will carry out in-depth analysis and produce to help them better understand their customers and better tailor products and services, for free.
Member organisations benefit from some of the UK’s best data science practices, without the need to invest in their own teams or tech, allowing them to focus on innovation and driving better services for their own customers. In turn this will help organisations better service their customers with help or recommended products.
GoCompare uses this anonymised data to train and build robust machine learning models for the fintech community. As more organisations sign up to the scheme and more anonymised data is analysed, these machine learning models will become more sophisticated, ultimately to the benefit of people who will have access to better products and services and more ways to save time and money.
Jackson Hull, GoCompare’s Chief Operating and Technology Officer, said: “When we launched Machine Learning for Fintech earlier this year, our goal was to grow and develop the project by joining forces with other anchors of the fintech community to share data best practices, securely combine anonymised data sources and facilitate innovation in our industry.
“Through Open Banking, fintech businesses like GoCompare don’t just have an opportunity to improve the services we can offer, but also a responsibility to drive innovation and create the absolute best experiences for customers.
“Our partnership with Money Dashboard, a successful, forward-thinking fintech brand, is a key part in the development of this vision, and our hope is that together we can help financial organisations better understand and serve their customers.”
Steve Tigar Chief Executive Officer of Money Dashboard, said: “Open Banking presents a massive opportunity for services like ours to provide a safe and secure way for consumers to get on top of their finances and ultimately lead happier, more successful lives.
“As well as delivering this directly to our own user base, by establishing partnerships with key industry players like GoCompare we are together providing a free platform to help accelerate innovation in the Open Banking space, which we believe will yield exciting new products in other areas like savings, pensions, investment and credit.”
For further information please contact:
For further information on the partnership, the Machine Learning for Fintech (ML4Fintech) project, or for interviews bids with Jackson Hull or Steve Tigar, please contact Anders Nilsson on 01633 654 054 / firstname.lastname@example.org, or Nick Freer on or 07841 571 871 / email@example.com.
Notes to editors
Steve Tigar is speaking at the FDATA Global Open Banking Summit in Edinburgh on 6 and 7of December, where GoCompare and Money Dashboard will be officially launching the partnership. Steve is available for media interviews and briefings across both days.
GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
GoCompare does not sell its customers’ data.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).
About Money Dashboard
Launched in 2010, Money Dashboard is established as the UK’s leading personal finance app, serving over 175,000 users, and has won the 2018 British Bank award for best personal finance app. The award-winning app gives consumers the TrueView® of their financial position by: (1) consolidating all their current accounts, credit cards, and savings accounts from over 60 financial institutions, and (2) allocating each bank transaction into a distinct expenditure category, thereby automatically organising an individual’s finances for them.
The company generates revenue by creating insightful market research from anonymised bank statement data, for example by helping hedge funds predict revenue announcements of listed companies.
Money Dashboard has raised over £10 million in equity financing to date and was selected in the first cohort of the London Stock Exchange’s ELITE programme in 2014.
Money Dashboard founded the influential trade association fdata that lobbies on behalf of its members for the adoption of Open Banking standards worldwide.
Money Dashboard is available on web and for Android and Apple devices. Find out more at www.moneydashboard.com.