We’ve always believed that Open Banking, and the intelligent use of the transaction dataset that it unlocks, has a fundamental role to play in making the financial system better. It is already disrupting the status quo and will prove to be transformational both for the organisations that shape our financial landscape and for customers they exist to serve.
We’ve worked incredibly hard to create a platform that enables and connects what we see as two fundamental drivers of progress in this space and so it’s immensely gratifying to see what feels like a solid validation of that strategy in The Forrester New WaveTM report on Open Banking Intermediaries.
Bud was named a leader in the report, where we received a “differentiated” rating, the highest possible, in the value-added services, innovation ecosystem, development flexibility, vision, and roadmap categories.
In a post-pandemic climate, there are two obvious avenues where open banking and intelligent financial data will make a material difference.
Firstly, transaction data needs to be put to work, enabling powerful new in-app features that help people to get on top of their finances so that people, however the pandemic has affected them, can take the necessary steps to build for the future.
Secondly, the data needs to be applied, at scale, to the challenges organisations face from a customer ops perspective - streamlining processes, reducing risk, increasing transparency and giving institutions more time to focus on their customers.
We firmly believe that of all the “current offering” criteria against which firms were evaluated, the “value-added services” are by far the most important when it comes to delivering these. It’s only through these services that we can provide clients with the combination of powerful insight and the highest level of security needed by tier 1 regulated organisations that, together, enable Open Banking to fulfil its potential at scale and we’re particularly proud to see that recognised.
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Bud® is authorised and regulated by the Financial Conduct Authority under registration number 765768 + 793327.