I recently wrote about how we’ve added more insights in Signal, our user-level financial intelligence engine that helps clients deliver personalised services. But we don’t want clients to be limited by what we dream up, we want them to have full flexibility to customise and build on the platform. To do this, we’ve developed Custom Insights.
Custom Insights is a set of new endpoints in Signal that allow you to create your own custom insights from the intelligence on the Bud platform. They are based on a set of components including account balances, income amounts from our most granular categories and spending with specific merchants. For each component you can set parameters like amounts and individual categories you care about. Then you can run these Signals to match customers against the most relevant insights for them.
Personalisation is now expected by customers and with Bud can be weaved into many parts of the customer journey. Here are three examples of powerful ways you can use Signal to increase engagement and drive conversion.
We can help you identify customers who are paying off multiple loans to multiple different parties. These customers may be eligible for consolidation loans which can help them better manage their debt and in some cases save money by reducing the amount of interest they are paying. By leveraging our enrichment engine, you can use Custom Insights to identify the number of distinct loan repayments a user is making in a given period of time.
Custom Insights can also be used to spot when someone would benefit from moving money into an ISA. For example, the current balance components can be used to identify if a user’s balance is over a particular threshold.
Knowing which customers are using their personal accounts for business use can help in personalising services and offerings. With Custom Insights, this can be done by identifying customer spending with specific merchants and specific account types over a given period of time. For example if they're making payments to known B2B companies, such as accounting firms and business insurance providers.
For a full list of all our insights available via Signal, check out our factsheet here.
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Bud® is authorised and regulated by the Financial Conduct Authority under registration number 765768 + 793327.