Bud is Leveraging APIs and Reaffirming Banks’ Role As Centre of Customers’ Finances

Bud was recently featured in Capgemini's Retail Banking Report 2017. For the full report head here otherwise, here is the extract featuring Bud.

Consumers are calling for on-demand, automation and hyper-personalization from the products they use, but banks have been held back by their legacy systems and are struggling to deliver. New regulations and new FinTech companies are helping banks move in the right direction, changing the way they operate to serve their customers better. One such company is Bud.

Established in 2015, Bud is helping banks deliver real solutions for PSD2 and Open Banking.
Their goal is to assist banks to take advantage of new regulations. The threat from PSD2 means FinTech firms can disintermediate the banks, relegating the banks to 'dumb pipes' and could shift the customer's relationship away from the bank. Bud's white label solutions aim to reaffirm the bank's role in people's lives as the centre point of their finances.

At the core of what Bud offers is API technology. Bud uses APIs to link together multiple financial services products such as bank accounts, investments, loan providers, mortgage brokers, insurance, pensions, etc. in one place. They currently have over 50 financial services partners listed on their site. This integrated marketplace is then deployed within a bank's existing customer channels such as their apps and websites. Bud offers analytics on all of its services so bank customers can get a full view of their financial standing, a service not seen since the days of bank managers.

The account aggregation that Bud offers can mine and crunch anonymized transactional data.
This data helps the banks understand more who their customers are. It is then used to introduce customers to new products and services that can benefit their life, whether a bank is cross-selling their own goods and/or adding a third party. This presents a new business model to the bank, one which delivers on personalization for customers and generates referral fees for the bank.

Ed Maslaveckas, Bud's Co-Founder and CEO shared how he feels this will impact the world of finance: "There are more financial products than ever before, and finding the right one involves time, research and, in some cases, an economics degree. Bud takes away the difficulties associated with mastering your money. By deploying our technology through banks, people don't have to download anything new or change their behaviour. They can use their trusted bank, plus any of the other services they want, on one screen. That is the experience people expect in 2017."

Bud is already working with some of the largest banks in the world. These banks are using Bud's technology in multiple ways, from smarter mortgage journeys to full marketplace integration. "We are building new features all the time," Ed continued, "We test them safely with banks in a program we call 'Bud Beta Labs'. An iterative testing process that speeds up the development and deployment of features and allows banks to act more like a start-up, building products with an agile approach. This saves the bank money on innovation projects that end up going nowhere."

Bud is regulated by the FCA, won Innovation of the Year at the British Bank Awards 2017, and was a finalist in Capgemini’s Innovators Race awards.

To find out more, request access to Bud.

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