At the Global Open Banking Summit, GoCompare has announced a strategic partnership with Edinburgh-based Money Dashboard as part of its fintech community development project, Machine Learning for Fintech (ML4Fintech).
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.
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.”