By Oliver Smith on Monday 10 May 2021
Transaction categorisation and merchant identification are a long time coming.
Last week First Direct’s head of innovation and partnerships Saira Khan revealed on LinkedIn that transaction categorisation and merchant identification have been launched, powered by open banking data provider Bud.
“It provides customers valuable insight into their spending and provides the business with a set of flexible and robust insights to underpin a suite of exciting new features scheduled for release later this year,” she wrote.
To start off with, transactions will be tagged into one of over 100 categories, with Bud’s identification service being used to recognise around 3,000 UK merchants at launch.
This appears to be the first step in the broader overhaul of First Direct, with features including an in-app marketplace and personalised recommendations yet to arrive.
“This is a key step to launching a brand [new] First Direct mobile app which aims to ’challenge the challengers’ and promote the Financial Wellness of [First Direct’s] customers,” added Khan.