UK challenger banking app Dozens has enlisted Open Banking outfit Bud to let prospective customers access some of its services without having to fully sign up.
Dozens offers users a slew of budgeting and analytics tools to help them save and invest more efficiently. As it works to attract customers in a crowded market, the firm is working with Bud to give people a taste of its service before they fully commit.
Brits just need to register, complete a basic KYC and connect one or more of their existing accounts with other financial services firms through Bud’s open banking platform. From there, they’ll be able to use Dozens' tools before - if interested - having to download the firm's app and complete a full KYC.
Meanwhile, existing customers will be able to connect one or more of their accounts to the Dozens app so they can view tracking and budget insights across all of their money in one place.
Aritra Chakravarty, CEO of Project Imagine and Dozens, says: “Dozens’ mission is to help its customers manage, save and grow their money. The savings tools and investments products, already live in the app, provide a lot of financial choice; but often the hardest step for users is to get started in the first place.
“Bud’s Open Banking platform provides us with the perfect solution to this by allowing Dozens’ customers to get a complete view of their present financial situation across the different institutions that they already have accounts with."
The agreement with Bud comes as Dozens rebuilds its core infrastructure to bolster its payment services, using ClearBank to provide new account numbers and sort codes as well as direct access to payment networks, such as Faster Payments, via a single API. For Dozens’ 50,000+ customers, this means they can initiate direct debits, standing orders and instant money transfers for the first time.