Price comparison outfit GoCompare has announced a “strategic partnership” with Edinburgh-based personal finance app Money Dashboard, adding that the move will help it improve services and boost innovation.
Money Dashboard is described as a “pioneer” in Open Banking, which enables participants to share financial data with relevant authorised parties to help get better deals and improve their understanding of their finances.
The newly announced tie-up will harness the Scottish firm’s expertise in machine learning and data science, and strengthen the Machine Learning for Fintech (ML4Fintech) initiative, which Go Compare launched in January.
ML4Fintech lets members pass on anonymised transactional data that is examined in depth to help better understand their customers, and tailor products and services.
Jackson Hull, GoCompare’s chief operating and technology officer, said: “Through Open Banking, fintech businesses like GoCompare don’t just have an opportunity to improve the services we can offer, but also a responsibility to drive innovation and create the absolute best experiences for customers.”
And he said the partnership with Money Dashboard, “is a key part in the development of this vision, and our hope is that together we can help financial organisations better understand and serve their customers”.
Steve Tigar, chief executive at Money Dashboard, said that by linking up with key industry players like GoCompare “we are together providing a free platform to help accelerate innovation in the Open Banking space, which we believe will yield exciting new products in other areas like savings, pensions, investment and credit”.
Money Dashboard recently hailed a record year, doubling annual revenues and boosting active user numbers by almost a third to 175,000, as it geared up for a further round of fundraising. In September, it celebrated the landmark figure of achieving more than one million linked bank accounts to its app.