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A platform that allows you to view, interact and manage all of your finances in one place, through proprietary technology

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What’s the big idea?

Bud is a technology company that allows you to view, interact and manage all of your finances in one place, through proprietary technology.  You can view all of your bank accounts and credit cards, all of your investments, pensions, mortgages, foreign currency trades, insurance and more through API integrations.

Through analysing users complete transactional data, Bud automatically appends spend categories to your transactions whist adding valuable insights.  With an element of machine learning included, product suggestions are made based on the complete financial view of the user. Relevant, automated and personalised, users can then add and interact with suggested products and services on this platform.

This solution is highly relevant in today’s rapidly changing financial landscape – particularly in light of PSD2 (Open Banking). This aggregator technology allows Bud to connect seamlessly with Wealth Manager/Private Bank and customer's transactional data to drive more immediate value and insight to the user and the Wealth Manager. Through Bud’s existing relationships they have access to a number of bank APIs already which sets them ahead of the competition.

Bud has also been built in anticipation of future regulatory changes within the EEC (GDPR, PSD2, Mifid2 etc) allowing you to turn upcoming regulatory events into strategic commercial opportunities.

Through the use of APIs, Bud has integrated dozens of financial services providers into the marketplace and are starting to do the same now in the wealth space.

This technology is fully customisable and can be white-labelled, which we are already doing in the retail banking space.  There is a huge opportunity for wealth managers and private banks, to help them understand significantly more about their clients.

How will this idea benefit and impact your business?

  • Significantly improved customer experience and consequently engagement and loyalty.
  • 360 degree view data insights - know your customers better than you (or your competitors) ever have.
  • Insight into your customer's reality, goals, aspirations etc, which allows you to cross-sell / up-sell in a more intelligent fashion.
  • Know what other products your customers use (outside of your company), spot trends and use that data to develop new products or refine existing ones to address the demands  
  • Additional revenue streams – Leveraging off a marketplace affiliate model when third-party products are introduced (whilst keeping the user in your eco-system).

What would it take to make this idea a reality?

Bud is already live in the retail banking sector, being white-labelled by a number of banks in the UK and Europe.  Wealth Managers and Private Banks can look to do the same, leveraging Bud’s existing technology and functionality. They can work with wealth managers and private banks to build additional functionality that is more suited to the HNW & UHNW sector.

Bud are keen to make this a reality as soon as possible by working with a private bank / wealth manager to test the idea with a pilot group, build a prototype and get a SOW to allow us to focus their attention in this space.

Why is this an original idea?

2018 is set to be a game changing year for Retail Banking as PSD2 becomes effective in January.  Not only are Bud ready for it, but they are helping banks be ready through not only achieving compliance, but also offering customers what they want.

Bud have proprietary technology. Many competitors out there offer aggregation, but generally use third-party (costly & inflexible) tech. Many competitors offer a marketplace, but they generally have their own product to sell. Bud are completely agnostic, with no agenda to sell certain products.  They believe in offering the right product to the right person, at the right time, generating true value which garners loyalty.

No-one does what Bud do. They offer a modular technology offering and are the best at what they do.

Bud work with the banks, not against them. They have access to their APIs, are specialists in tech and APIs and offer an unparalleled service to innovate and launch features quickly.

They also operate an innovate feature called "Bud Beta Labs" which allows institutions to test new features, products and ideas on their marketplace in a closed and controlled environment. This speeds up the rate of innovation as they manage all the governance and sign-off processes which generally take significant time in such large organisations. The ability to test in this environment gets quick feedback and allows an iterative process of change to occur in near-real-time so that once testing is complete it can be rolled out officially through the wealth manager’s distribution channels.

If you need any more information about this solution please contact jamesgoad@owenjamesgroup.com or call + 44 (0) 1483 861 334

 


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