Unlocking the Power of AI and Transactional Data: Bud Financial Revolutionizes Retail Banking and Wealth Management

Bud Financial, a  UK-based company, is revolutionizing the field of retail banking and wealth management by leveraging AI and transactional data.

By utilizing open banking regulations, Bud Financial gains access to customer data, enabling  them to provide personalized advice and prompts, assess customer risk, and monitor risk across financial institutions portfolios.

With a presence in the UK, Australia, New Zealand, and Europe, Bud Financial is now entering the US market.

In countries with robust open banking regulations like the UK, Bud Financial assists banks in connecting internal and external data sources to create a comprehensive customer profile.

Meanwhile, in the US the company helps banks gain insights into customer behavior through transaction analysis.

However, building a platform capable of understanding and classifying transactions at scale posed significant challenges.

Edward Maslaveckas, CEO of Bud Financial, highlights the difficulty of integrating data from diverse sources within banks, casting doubt on claims of a complete 360-degree view of customers.

Over the course of five years, Bud Financial has developed sophisticated models with an impressive accuracy rate of 96 to 98%.

This achievement allows the company to recommend suitable financial courses of action to intermediaries sector, alongside Plaid, Tink, and Envestnet, Bud Financial has earned a reputable position.

While praised for its dedication to research and development, Bud Financial’s smaller scale requires them to gauge market demand and technical feasibility before expanding coverage.

The company specializes in transactional AI, focusing on helping banks leverage both internal and external transaction data to gain deeper customer insights, make better credit decisions, and manage portfolio risks.

Data is at the core of Bud Financial’s operations, playing a crucial role in lending and credit decisions.

Despite the vast amount of available data, effectively leveraging it has proven challenging.

However, Bud Financial has risen to the  task, utilizing this extensive dataset to offer customers valuable information such as salary, mortgage, and utility bill details.

Building upon this information, the company can provide customers with various options, including loans from different providers at introductory rates.

Bud Financial’s innovative approach and commitment to solving complex data challenges have positioned them as frontrunner in reshaping the retail banking and wealth management landscape.

As the company continues to evolve and grow, its focus on data-driven insights  and customer-centric solutions sets it apart in the industry.