Money Dashboard brings ML magic to GoCompare
It seems Money Dashboard hasn’t been driven insane by the tedious adverts of price comparison firm GoCompare as they have teamed up for a machine learning (ML) initiative.
Edinburgh-based personal finance app Money Dashboard is tapping into the open banking craze to offer its ML and data science capabilities for GoCompare’s “Machine Learning for Fintech” (ML4Fintech) initiative, which was launched in January.
The initiative’s idea is to let member organisations get access to the UK’s best data science practices, without the need to invest in their own teams or tech.
ML4Fintech works by allowing members to pass on anonymised transactional data. This in turn is analysed to create tailor-made products and services. GoCompare says as more organisations sign up to the scheme and more anonymised data is analysed, these ML models will become more sophisticated.
Jackson Hull, GoCompare’s chief operating and technology officer, says: “Our hope is that together we can help financial organisations better understand and serve their customers.”
Steve Tigar, chief executive at Money Dashboard, adds: “We are together providing a free platform to help accelerate innovation in the open banking space, which we believe will yield exciting new products in other areas like savings, pensions, investment and credit.”
Life for Money Dashboard is pretty good at the moment. It enjoyed a record year, doubled annual revenues and now has 175,000 active users.
Back in July, it added Starling Bank to its list of supported providers. Users can add Starling account details to receive a real-time view of transactions and savings goals.
Launched in 2010, Money Dashboard says its app is used by over 60 financial institutions. It has raised over £10 million in equity financing to date. The company is also one of the founding members of trade association fdata that lobbies on behalf of its members for the adoption of open banking standards worldwide.