Frequently Asked Questions

Merchant identification reveals who the money was paid to by cleaning messy string data into a recognizable brand name (e.g., AMZN MKTP becomes Amazon), while transaction categorisation explains what the spending was for by assigning it to a specific bucket (e.g., Groceries or Entertainment).

Yes, transaction enrichment directly supports Consumer Duty by transforming raw data into clear, merchant-identified insights that help firms monitor for financial distress, identify vulnerable customers, and ensure products provide fair value.

When transactions are clear and recognisable (with logos and maps), customers don't need to call the bank to ask ‘what is this?’. This reduces inbound call volumes by approximately up to 20%.

It is the process of using AI to turn raw, coded bank data into human-readable information, including merchant names, logos, and categories.

Non-compliant financial institutions face regulatory intervention from the FCA, including substantial fines, the withdrawal of permissions to operate, and mandatory requirements to pay redress to affected customers. Beyond these legal penalties, firms risk severe reputational damage and a loss of market trust that can undermine their long-term commercial viability.

Moneyhub aids financial institutions with their Consumer Duty compliance by providing the data insights and technical stack required to fully understand customers. We enable you to granularly zoom into customers on a personal level in order to segment accurately, send timely nudges and make the right product offers. 

The Consumer Duty is built on four key outcomes that firms must deliver: Products and Services, Price and Value, Consumer Understanding, and Consumer Support. These outcomes ensure that financial products are fit for purpose, offer fair value for the cost, provide clear information for informed decisions, and offer accessible support throughout the customer journey.

If a user of a savings app turns off marketing preferences, does that halt nudges around what's 'safe to save'? It's mostly based on the content of the nudge. It can be a service communication aligned with Consumer Duty, or it can be marketing: where users can choose to opt out.

Optimisation is achieved by determining purchase likelihood scores, and prioritising high-profit opportunities. Instead of a broad ‘spray and pray’ campaign, your budget is focused exclusively on the top 10% of customers that the data proves are in an active intent window, significantly increasing engagement and reducing wasted spend.

Product Marketers, Proposition Managers, Data Engineers, and the end customers all benefit from the transition from guesswork to high-fidelity insights. Marketers achieve higher conversion rates and lower acquisition costs, while customers receive a more empathetic, financial coach experience that feels like a partnership towards better financial outcomes rather than a series of cold pitches.

The most effective strategy is to use transaction history to identify high-affinity product pairings. By analyzing market baskets, such as the correlation between premium gym spends and private health insurance, you can ensure your offers reach customers with a verified behavioral predisposition to buy.

The 25% rule of thumb limits the cost of new products to no more than a quarter than the current price they pay. This targets the customer’s psychology, ensuring that they are more likely to accept the offer.