Lloyds Banking Group has partnered with Moneyhub to enhance transaction categorization and personalization across its brands, including Lloyds, Halifax, and Bank of Scotland.
Moneyhub’s AI-driven platform uses consumer-permissioned data and a decade of user training to deliver highly accurate transaction insights, supporting Lloyds Banking Group’s digital strategy.
While open banking accelerates in the UK and Europe, the US faces regulatory uncertainty, with recent legal challenges casting doubt on the future of the CFPB’s Section 1033 rule.
UK-based Lloyds Banking Group (LBG) announced this week that it has selected open data platform Moneyhub to help categorize and enrich transaction data across its brands, including Lloyds, Halifax, Scottish Widows, and Bank of Scotland.
LBG expects that partnering with Moneyhub will enhance the personalization of its digital banking services and help customers gain deeper insights into their spending. Moneyhub categorizes customer transactions such as card payments, direct debits, standing orders, and transfers. The company uses both direct API integrations and indirect methods like screen scraping to gather the consumer-permissioned data, then uses its AI-driven categorization engine that has been refined over more than a decade with user input, resulting in highly accurate transaction insights.
“Partnering with Moneyhub will allow us to rapidly deliver far richer and more valuable insights for our customers,” said LBG Group Chief Data and Analytics Officer Ranil Boteju. “By combining Moneyhub’s advanced categorization technology with our in-house GenAI expertise, we’ll improve the time and accuracy of transaction classifications, unlocking new products and services for our customers and providing real-time insights so they can make more informed financial decisions.”
Moneyhub was founded in 2014 and offers personal finance technology tools, open data APIs, decisioning solutions, and payments capabilities. Its platform is designed to empower financial institutions, employers, and technology providers to deliver more tailored financial experiences through real-time data access and intelligent analysis. Regulated by the FCA, Moneyhub’s infrastructure supports a wide range of use cases, including budgeting tools, affordability assessments, wealth insights, and financial wellness programs.
“We are delighted to be chosen by Lloyds Banking Group as their categorization partner,” said Moneyhub CCO Dan Scholey. “Our extensive experience in transaction categorization has enabled us to develop a highly accurate engine that will benefit LBG and its customers. We look forward to enabling the many use cases this partnership offers, helping LBG become more efficient, profitable, compliant, and customer-centric.”
This move comes amid growing adoption of open banking frameworks across the UK and Europe, where regulatory support and consumer demand for data portability are facilitating innovation among fintechs and banks. At the same time, in the US, the open banking movement is still waiting to take off. The CFPB’s Section 1033 rule was put into place last October to grant consumers the right to access and share their financial data with third parties. However, the rule has faced legal challenges and potential revisions. Earlier this month, the CFPB indicated plans to ask a court to vacate the rule, citing procedural concerns and industry pushback over provisions such as the prohibition on data access fees and the lack of clear liability standards for third-party data handlers. This uncertainty has left the future of open banking in the US in flux, even as other markets continue to advance.
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