Define Salary, Groceries, Travel, Mortgage Payments, Utilities and more, quickly and with clinical accuracy
High degree of accuracy breeds a better quality product for the benefit of you and the customer
Our categorisation gives you the TrueView® of your customers financial fixed spending and habits, enabling you to evolve your offerings in line with changing needs of the customer.
We have a responsibility to drive innovation and create the absolute best experiences for customers. Our partnership with Money Dashboard, a successful, forward-thinking fintech brand, is a key part in the development of this vision, and our hope is that together we can help financial organisations better understand and serve their customers.
We see the platform launched with GoCompare as a game-changer in an Open Banking industry that is only now beginning to develop at pace. What is really exciting is not only the potential for the platforms to create a whole new wave of fintechs, but also that, ultimately, the end consumer is going to get much improved products and services.
By using the Community API, you will benefit from a high accuracy rate for merchant and purpose, meaning you can tag the data you want, to build the product you want, with the highest degree of confidence.
Furthermore, our ML model never stops learning, so the data you contribute continually improves the tagging, benefiting you and the fin-tech community in a virtuous cycle.
Tagging transaction data needn’t be cumbersome, or costly, again! Simple!
The Categorisation as a Service (CaaS) system that Money Dashboard developed utilises ML models using supervised learning based algorithms. The models are trained on over 400 million transactions across three levels of purpose categories (a total of 289 categories) and over 1200 merchants.
These models leverage Money Dashboard's deep expertise in understanding the structure and format of a multitude of transactions across different banking institutions and providers.
The model performs with the highest degree of accuracy for purpose and merchant categorisation respectively. This was verified in testing utilising an external set of transactions unseen by Money Dashboard's models, but also a set that used a different mechanism for removing PII. The models are able to handle a diverse set of transactions pre-processed using different methodologies.
A community-based API recognises that the categorisation is essential to the UI and product building process, and that it is to the benefit of the industry as a whole to have the best categorisation possible. The community API builds on the current position by continually improving with the transactions provided by the community.
The community API is free to use, and includes transaction categories and merchant identification. The enterprise API includes services such as salary identification, income verification, and mortgage affordability, and these services are provided for a fee.