Lloyds Banking Group has partnered with Moneyhub to enhance transaction categorisation and enrichment for its customers.
The collaboration will cover both retail and non-retail transactions across LBG’s brands, including Lloyds, Halifax, Scottish Widows, and Bank of Scotland.
The initiative aims to help customers better understand their spending habits and improve their digital banking experience.
Moneyhub will use its advanced technology to categorise a range of transactions, such as card transactions, direct debits, standing orders, transfers, and faster payments, focusing on both income and expenditure.
The partnership takes advantage of Moneyhub’s AI-driven categorisation and enrichment capabilities, which have been refined by user input over more than a decade, ensuring high accuracy.
Lloyds Banking Group’s group chief data and analytics officer Ranil Boteju said: “Partnering with Moneyhub will allow us to rapidly deliver far richer and more valuable insights for our customers.
“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.”
Moneyhub CCO Dan Scholey said: “We are delighted to be chosen by Lloyds Banking Group as their categorisation partner.
“Our extensive experience in transaction categorisation has enabled us to develop a highly accurate engine that will benefit LBG and its customers.
“We look forward to enabling the many use cases this partnership offers, helping LBG become more efficient, profitable, compliant, and customer-centric.”
Earlier this year, Lloyds Banking Group expanded its collaboration with Oracle to enhance customer experience further.
Under the multi-year agreement, Lloyds is implementing a multicloud strategy by migrating its Oracle databases, which are essential for its business functions and banking services, to Oracle Database@Azure. This strategy enables Lloyds to operate Oracle databases on Oracle Cloud Infrastructure (OCI) within Microsoft Azure data centres.
