Lloyds Banking Group is set to integrate its in-house developed GenAI with transaction categorization data from Moneyhub, offering customers real-time insights into their spending habits.
Moneyhub’s technology will categorize all bank transactions, including card payments, direct debits, standing orders, transfers, and faster payments for both income and expenses.
Ranil Boteju, Group Chief Data and Analytics Officer at Lloyds Banking Group, emphasizes that this initiative aims to help customers better understand their spending and enhance their personalized digital banking experiences.
“Partnering with Moneyhub will enable us to quickly provide richer, more valuable insights for our customers,” he states. “By merging Moneyhub’s advanced categorization technology with our GenAI expertise, we’ll improve the speed and accuracy of transaction classifications, pave the way for new products and services, and empower customers with real-time insights to make informed financial decisions.”
In 2022, Lloyds acquired a minority stake in Moneyhub as part of a £35 million funding round.