TransUnion was an early supporter of Open Banking, using the technology to improve customer acquisition and customer experience (CX), and enable fairer lending decisions. Since the Payment Services Directive (PSD2), Open Banking has become a recognisable feature of the customer journey within financial services.
Globally, the UK has led the way with Open Banking and we’re at a juncture where we can lead and inspire again. That’s why TransUnion have partnered with Bud Financial Limited* (Bud) to offer a next-gen Open Banking Platform and evolve the way transactional data is used to create more meaningful customer experiences.
Prevailing socioeconomic conditions make Open Banking’s transformational capability to onboard consumers simply and quickly, an essential element for any app or platform that requires affordability checks. Combining our expertise in income and expenditure data, analytics and record in building leading affordability solutions, Bud's Open Banking technology puts the consumer at the heart of financial decisions and allows lenders to serve the underserved without taking on extra risk.
As the data ecosystem grows, we're able to offer customers new products and services via Bud. This includes advanced transactional enrichment to enhance the quality of primary data sets. Transaction disputes and chargebacks can be reduced to ease the burden on customer service by helping consumers understand their transaction data. In addition, enriched transaction data can streamline operations and provide personalised banking experiences.
