The recent strategic partnership between Bud Financial and Akoya has sparked significant excitement within the financial services industry. Bud Financial, a well-respected data intelligence platform, has officially announced its collaboration with Akoya, a prominent player in the rapidly expanding U.S. open banking arena.
The primary objective of this partnership is to transform financial services by introducing innovative, hyper-personalised digital experiences, cashflow analytics, and new avenues for growth. By harnessing open finance and data intelligence, Bud and Akoya are determined to empower financial institutions to better serve the diverse needs of their customers and explore new opportunities for expansion.
At the core of this collaboration are shared principles of ethics, with a strong emphasis on end-user consent and data security, which are integral to the high-quality services offered by Bud and Akoya.
Bud has established a strong presence in the banking and financial services sector by utilising transactional data to gain valuable customer insights. Through the use of cutting-edge technologies such as AI, machine learning, and natural language processing, Bud has processed over 50 billion transactions, thereby aiding in customer segmentation, risk management, and the overall enhancement of business operations.
Meanwhile, Akoya stands out in the open finance landscape, providing a secure and scalable network of trusted data providers. Their robust framework supports financial institutions in creating reliable and secure financial services tailored to individual customer needs.
The alliance between Bud and Akoya provides financial organisations with essential tools for personalisation, risk management, and customer data insights. This enables clients to create tailored financial experiences and insights, crucial for the effective cross-selling and up-selling of products.
Ed Maslaveckas, Co-Founder and CEO of Bud Financial, expressed his excitement about the partnership: “We’re really excited to bring together Bud’s AI banking personalisation with Akoya’s unique data aggregation capabilities. Banks and FinTechs that work with Bud can leverage a full stack solution, bringing all consumer data into one place with access to tools that understand the data. This means anyone within a financial institution can create hyper-personalised experiences or insights, improving cross and up-sell of product.”
Behram Panthaki, COO of Akoya, also weighed in on the partnership, stating, “The powerful combination of Akoya’s trusted data network and Bud’s secure, easy to deploy, transaction enrichment promises significant benefits for businesses and consumers alike. Increased transparency, enhanced customer experiences, and streamlined operations are just a few of the ways this partnership will deliver real value.”
As the financial services industry continues to evolve, it is partnerships like the one between Bud Financial and Akoya that will drive innovation and propel the sector forward.
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Source: FinTech Global, 2024. “Enhancing Financial Services: The strategic partnership of Bud Financial and Akoya.”