Lloyds banking Group is to pair inhouse-developed GenAI with transaction categorisation data from Moneyhub to give customers real-time insights into their spending habits.
Moneyhub’s 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.
Ranil Boteju, group chief data and analytics officer at Lloyds Banking Group, says the initiative will support customers to understand what they spend their money on, and improve their personalised digital banking experiences.
“Partnering with Moneyhub will allow us to rapidly deliver far richer and more valuable insights for our customers," he says. "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.”
Lloyds acquired a minority stake in Moneyhub as part of a £35 million funding round in 2022.