Created by: Emilian Siemsia | 28 April 2020

FriendlyScore Product Launch: Personal Finance Management Toolkit

FriendlyScore are delighted to announce the launch of their new Personal Finance Management (PFM) toolkit, an agile software solution which gives businesses the opportunity to deliver powerful open banking analytics directly to their customers. 

Businesses using FriendlyScore’s analytical software platform already enjoy a host of features which include open banking data enrichment and leading-edge financial modelling. The outputs of this software have, to date, been accessible only to the businesses themselves via an underwriter’s dashboard. Today, FriendlyScore have made available their PFM toolkit, a software add-on which enables businesses to create a white-labelled PFM mobile app for iOS and Android, and present outputs from the underwriter’s dashboard directly to their customers.

What are the benefits?

For the first time, customers can see what the underwriter sees. This has huge implications in terms of empowering individuals to take control of their financial health and improve their creditworthiness. Through a series of detailed and powerful visualisations hosted within the app, customers are able to:

  • Track key financial metrics such as balance, income and expenditure over time
  • View breakdowns of income and expenditure by transaction category
  • Monitor both financial credibility and affordability scores, each of which contribute directly to creditworthiness
  • Obtain future predictions of balance

For businesses, the PFM app encourages customer engagement and data sharing, and offers a genuine value proposition to incentivise these behaviours. Given that open banking permission must be renewed every 90 days, alleviating drop-off rates will provide businesses with a more complete and continuous financial record of their customers, enabling improved monitoring and customer management.

Another unique strength of this product is the speed at which it enables businesses to deliver the solution to the consumer. Facilitated by a user-friendly SDK for iOS and Android, the toolkit allows the application to be built and integrated into existing software platforms within an hour. In addition, the app itself is highly customisable, and developers can modify layouts, choose which modules to display, and alter visuals by making simple alterations within the SDK.

FriendlyScore’s PFM toolkit is available now at www.friendlyscore.com and github.com/FriendlyScore.

Pfm Personal financial management Data enrichement Open banking insights Affordability score Credibility score Financial predictions Open banking Psd2
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