UK-based financial services company GoCo Group has partnered up with fintech company Bud. Insider Media says that the two companies have finalized an agreement enabling users to use an energy switching feature in bank applications.
GoCo will be incorporating the platforms Bud developed such as Open Banking APIs and AI technology. GoCo’s Energy Comparison and Switching apps will be utilizing Bud’s innovative platforms to identify and compare utility bill payments.
The agreement will mix GoCo’s SaveStack with Bud’s innovative fintech services to create a valuable offer for both users and financial institutions. One of the most notable features is that the app will allow users to change service providers. This can be done within their bank’s app.
In a blog released by Bud through its website, this deal is necessary as there are millions of UK families who are “stuck” with service providers that place high tariffs on energy. With this collaboration, consumers have the option to “switch in the right context.” It also minimizes the effort need to make the switch by simply requiring users to pre-fill a huge portion of required documents.
This move is consistent with GoCo’s commitment to providing money-saving services to its customers. With Bud’s open data technology, GoCo is able to make efficient and reliable offerings.
Meanwhile, Bud CEO and co-founder Edward Maslaveckas said that open banking will be “meaningless” to bank customers without the right innovation to improve the lives of users. Maslaveckas stated that open banking is a “powerful tool” and that deals such as with GoCo spur meaningful innovations.
In the past, Bud has developed an open banking application in collaboration with HSBC in February last year. The firm has received a $20-million funding from HSBC and Goldman Sachs at the beginning of 2019.