TotallyMoney, a leading personal finance app, has embarked on a transformative journey to further empower the UK’s under-served adult populace.
In the face of rising inflation and interest rates that have strained many UK citizens’ budgets, a whopping 5.6 million have found themselves missing payments on bills or credit commitments in a mere half-year. Recognising the dire need, TotallyMoney is stepping in with an innovative solution.
Catering to over five million customers, TotallyMoney stands as the beacon for the UK’s financially challenged, delivering tailored plans, relevant products, and insightful guidance. Their mission? Enabling individuals to access more life choices by navigating financial hurdles effectively.
The newly launched feature, brought to life through a collaborative effort with Bud Financial, leverages the power of open banking. It meticulously tracks both settled and impending payments, ensuring users are alerted about bills that may influence their credit reports. The ultimate goal? Helping customers bolster their credit scores and access more favourable offers.
An underlying advantage of this feature lies in its ability to grant individuals an analytical lens over their monthly finances. It breaks down the monetary residue post bill payments, thereby aiding in prudent financial planning, averting overdrafts, and fostering financial confidence.
A spotlight shone in 2022 by TotallyMoney, in collaboration with PwC, revealed alarming statistics: a staggering growth of 50% in the financially under-served demographic within a six-year frame. This growth brought the tally from 13.6 million to 20.2 million, with another 8.9 million teetering on the brink of financial fragility.
Adverse payment behaviours, responsible for almost half of one’s credit score, not only encumbers borrowers with steeper interest rates but also leads to elevated car insurance premiums and restricted mobile and energy plans.
TotallyMoney CEO Alastair Douglas said, “The past few years have played havoc with people’s finances, with many now struggling to manage their money and make ends meet. Millions are missing payments, and are often kept in the dark about what it could mean for their financial future.
“To help with this problem, customers can now connect their open banking data through the TotallyMoney app to track paid and upcoming bills, so they can stay on top of their finances, and protect their credit score. We believe in a fairer financial world — and putting customers in control of their own data, so it works for them, not against them is key.”
Jakub Piotrowski, VP of Product at Bud added, “TotallyMoney’s innovative approach to helping financially under-served adults manage their money aligns perfectly with our mission at Bud. We’re proud to be a long-standing partner in their journey to empower individuals with the tools they need to take control of their financial futures. Together, we’re putting customers in control, and that’s what matters most.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
