first direct has introduced a new transaction details feature on its mobile banking app through its integration with FinTech platform Bud.

The new feature will draw together financial and transaction data together to help customers better understand their spending and spot anomalous transactions.

First direct parent company HSBC announced a three-year global partnership with Bud in 2019. The latest move marks the integration of Bud’s data enrichment capabilities into first direct’s mobile app.

The integration will enable first direct customers using the app via iOS and Androidto see merchant names, merchant logos, and transaction categories.

Initially, transactions are tagged into one of over 100 categories, with Bud’s identification service being used to recognise around 3,000 UK merchants.

The automated system means customers are able choose the category they would like a transaction to sit under for further spending oversight.

Chris Pitt, chief executive of first direct, said: “Our focus has always been to only deliver features customers want and need. This provides valuable insight into your spending, making it easier to see what each transaction was for, and also easier to spot what is an unrecognised transaction.

“Co-creating transaction enrichment with Bud gives us a launch pad to start rolling out a bunch of new features to customers, which will provide them with more exciting, bespoke features such as an in-app marketplace and personalised recommendations”.

Pitt added: “We’re aiming to be a challenger to the challenger banks, and this is a key step for us on our journey to roll-out useful features for customers. This enriched data functionality unlocks a world of opportunity for our customer experience as it will give us insights which will underpin a lot of the new features we’re releasing later this year.”

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