The combination of enriched transaction data from Experian and Moneythor’s data-driven personalisation engine, will generate highly accurate and personalised insights, recommendations, and nudges in the Australian market to increase customer engagement for financial services providers.
Singapore & Sydney, 16th October 2023 – Information services company and Australian credit bureau, Experian, and leading digital banking solutions provider, Moneythor have teamed up to provide financial institutions with data-driven personalisation solutions for their digital banking channels.
The collaboration comes at a time when cost-of-living pressures are impacting many Australians. The financial stress is becoming increasingly evident through their ability to meet credit repayments. Recent Experian data shows that missed payments on home loans are at the highest levels since the March 2020 with 1.41% of all home loans in arrears. Missed payments on credit cards (2.08%) and personal loans (5.8%) are also at their highest point since April 2020. With borrowers looking for ways to deal with the tough economic conditions, the collaboration between Experian and Moneythor will provide banks and other financial institutions with a range of personalised and contextual recommendations, insights and nudges that will help customers to better manage their finances.
For the first time in Australia, Experian will enrich the client’s transaction data to be used by Moneythor to generate the most accurate and extensive transaction insights in the Australian market. This will present several new use cases to provide more personalised experiences for consumers and increased engagement for their financial institutions.
Adam Gulden, Regional Sales Director A/NZ at Moneythor said: “Delivering personalised and contextual experiences to customers across digital banking channels requires a rich source of augmented data. By partnering with Experian and tapping into their data enrichment capabilities we can deliver engaging customer experiences, in real-time and at scale. Moneythor and Experian share the same goal when it comes to working with banking and fintech clients; to bring value-add solutions to the Australian market quickly and in a cost-effective way. Through this partnership we look forward to delivering more valuable use cases to customers and driving measurable business results for our clients.”
Jordan Harris, Head of Innovation at Experian A/NZ said: “A challenge banks face in these times is connecting with those customers who are experiencing financial stress. Including financial wellbeing within their digital products is a great way to create meaningful engagement with them, to achieve this, the data must be trustworthy and make sense to the user so they stay engaged. By leveraging our enriched transaction data, Moneythor can provide the most accurate insights to its banking & fintech clients’ customers, creating unique experiences for them.”
“Looking at the UK’s rollout of Open Banking we saw a lot of the major banks launch their own PFM app or personalisation aspect within their digital products. With the increased financial mobility of consumers, banks had to improve engagement with their customers at the risk of them switching. For Australian banks facing the Open Banking era, they are leaning towards creating more meaningful engagement with their customers and I think we’ll see some great offerings as a result,” Harris added.
Blending enterprise-scale technology with market-leading expertise, Moneythor provides a proven solution delivering unmatched business value by turning financial institutions’ systems of record into systems of engagement driving measurable business results, such as improved loyalty and NPS, lower cost to serve customers and increased revenue from more relevant campaigns.
The Moneythor solution comes as an easy-to-implement software platform delivered as APIs enabling banks and fintech firms to offer improved functionality and experience to their retail & business customers through their digital banking services.
Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – they empower consumers and their clients to manage their data with confidence. They help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
They have 22,000 people operating across 32 countries and every day they’re investing in new technologies, talented people, and innovation to help all their clients maximise every opportunity.