first direct Enriches Transactions with Bud
- 19.05.2021 08:45 am
first direct has introduced a new transaction details feature on its mobile banking app, making it easier for customers to understand their spending, reducing confusion relating to unrecognised transactions.
HSBC announced a three-year global partnership with Bud back in 2019, and this announcement marks the integration of Bud’s data enrichment capabilities into first direct’s mobile app
Chris Pitt, Chief Executive of first direct, said: “Our focus has always been to only deliver features customers want and need. This provides valuable insight into your spending, making it easier to see what each transaction was for, and also easier to spot what is an unrecognised transaction.
“Co-creating transaction enrichment with Bud gives us a launch pad to start rolling out a bunch of new features to customers, which will provide them with more exciting, bespoke features such as an in-app marketplace and personalised recommendations”.
first direct customers using the app via iOS and Android are now able to see clean merchant names*, merchant logos, and transaction categories.
Initially, transactions are tagged into one of over 100 categories, with Bud’s identification service being used to recognise around 3,000 UK merchants.
How does it work?
Customers just need to select the transaction they want to see more details on and it will give them the transaction details – company name, logo, category, date of transaction, reference and what account the transaction debited.
Is it flexible?
It’s an automated system, but customers have the power to choose the category they would like a transaction to sit under.
Chris Pitt added: “We’re aiming to be a challenger to the challenger banks, and this is a key step for us on our journey to roll-out useful features for customers. This enriched data functionality unlocks a world of opportunity for our customer experience as it will give us insights which will underpin a lot of the new features we’re releasing later this year."