Bud and Dozens ink open banking deal

By Daniel Lanyon on Monday 8 February 2021

Digital Banking

The new partnership between Bud and Dozens aims to help people save and invest their cash.

Bud and Dozens ink open banking deal
Image source: Bud/Ed Maslaveckas

Bud has signed a deal with banking challenger Dozens to encourage customers to save and invest more effectively.

Prospective Dozens customers can now try out its app without having to fully sign up. After a quick registration users connect one or more existing accounts either from a number of high street banks or investment managers through Bud’s open banking platform. 

This will then allow a data crunch that will be filtered through Dozens’ budgeting and analytics tools. Users don’t need to download the Dozens app or complete a full security check. The onboarding process is then speeded up should a customer wish to open an account. 

Existing Dozens customers, through Bud’s platform, will also be able to connect one or more of their accounts to the Dozens app.

Aritra Chakravarty, CEO of Dozens says the hardest step for users is to get started and so a streamlined trial can help.

Bud’s Open Banking platform provides us with the perfect solution to this by allowing Dozens’ customers to get a complete view of their present financial situation across the different institutions that they already have accounts with. Compared with their stated financial goals, this will then allow us to present an easy-to-understand gap analysis to our customers," he said. 

“We also intend to design journeys for prospects that will enable them to familiarise themselves with our platform and see how it could help them save, even before signing up with us," he added.

Ed Maslaveckas (pictured), Bud’s CEO said: “Dozens has invested heavily in creating a brilliant user experience that genuinely helps people to achieve their financial goals, so it makes total sense to me to turn that product investment into an acquisition channel."

“This is a perfect example of the kind of initiative we set up our platform to enable - companies seeing the potential of a clean, contextual, transaction dataset and using it intelligently to solve problems and grow their businesses,” he added.

Dozens is licensed as an e-money institution and an investment firm and is able to offer current accounts as well as investment products to UK customers. It launched in 2019 and now has c.50,000 customers, it says.

 

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