Frequently Asked Questions

Banks can limit unnecessary transaction disputes by showing customers clearer merchant names, categories, locations, logos, and real-time spending notifications inside the banking app.

Transaction confusion creates direct investigation costs, increased customer service demand, avoidable dispute handling, and broader customer relationship friction when people lose trust in the transaction data their bank shows.

You can automate affordability assessments by using permissioned financial data, accurate categorisation, enrichment, and clear decisioning rules that explain income, spending, commitments, and risk signals.

There is no universal minimum because accuracy depends on the model, use case, and risk level. Still, firms must show that the model is reliable and supported by good-quality data.

It depends on the use case, but 80% accuracy is often too low for financial decisions that affect affordability, pricing, risk assessment, or customer outcomes.  If one in five outputs is wrong, firms may decline suitable applicants, approve riskier borrowers, or struggle to evidence that customers received fair and appropriate outcomes

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.