Our aim to help customers use this data to gain better outcomes in their personal finances. In essence we make a deal with the consumer that sees them share their data with us and in turn we help them save money on the things they need.
Our first step on this journey is SafetyNet Credit. We developed this product to disrupt the unauthorised overdraft market and provide customers with a choice for cheaper credit than they might otherwise have got.
As part of operating SafetyNet credit we have collected huge volumes of data that we use (at an aggregated level) to provide insight into market trends and dynamics in real time. Bank transactional data is a primary source for genuine intelligence into the root of all business success, where the consumers are spending their money.
Overall Account Technologies is a Technology, Data and Insight driven business with an inclination towards disruptive financial services and intelligent decision making.
The group of companies that makes up Account Technologies started trading in 2011 with SafetyNet Credit launched in July 2012. Over the last 5 years we have grown considerably with over 100 employees spread across our offices in Euston, London and our operating hub in High Wycombe, Buckinghamshire.
The business now has 100,000 customers (with 65,000 joining us in the last year) and has made gross loans of over £200M.
Helping us grow is our capital partner, a sovereign-backed fund who have committed £35M to support the growing business.
A credit facility which works like a customer's overdraft but provided by someone other than their bank. SafetyNet Credit funds a customer's existing current account when their balance becomes low, and takes a repayment when money comes into their account, preventing them from paying expensive unauthorized overdraft fees.
Customers can log into their dashboard and manually transfer money into their bank account, or switch on automatic deposits whereby SafetyNet Credit monitors their balance and pays money in when needed. Once a customer's balance increases, SafetyNet Credit is able to take a repayment, but will always ensure there is money leftover in a customer's account when the repayment has been taken.
As an FCA registered consumer credit provider the bank account data is used to provide two main functions to support our responsible lending ethos. Firstly, the transactions are built up into an affordability map of the consumer so that we never lend more than a customer can afford and secondly we identify high risk behaviours and transactions that could signify higher risk levels. These functions are a win-win, providing us with lower credit losses and consumers with protection from unsustainable debt cycles.
Below are some sample data and insights that we can produce from our huge store of real time information. We can also provide bespoke analysis to support your business. Please get in contact with us to discuss this service.