Two new features to help TotallyMoney customers build financial resilience

Over the past 18 months, we’ve faced not only a public health crisis — but a test of our financial resilience.

But what is financial resilience? We think there are three ways you can tell if you’re financially resilient.

For a growing number of people though, that kind of resilience is pie in the sky. For them, the pandemic has made life much tougher.

The FCA estimated that 12 million people in the UK will struggle to repay debt or cover their bills — an increase of 2m since the start of the pandemic*. And 40% of us are worried about having a financially secure future†.

Our latest features aim to address these concerns by showing customers a clear path to a better credit score and eligibility — arming them with timely information so they can move quickly towards a more secure financial future.

It’s all part of our mission to help everyone move their finances forward. 

Too many finance apps fail to deliver on their promise to help you move forwards. The advice they offer is either too generic because they know nothing about you — or they demand too much of your time and personal information. It’s a lose-lose.

If you really want to help people make the right moves, you need incredibly rich data sources and the ability to interpret them for your customers.

And that’s where we come in.

Dynamic Actions are available the moment you open the TotallyMoney app. They show people exactly what they can do next to improve their eligibility for credit.

They’re intelligently ranked by impact, so completing the actions at the top of your list should be the fastest way to improve the credit offers you’re seeing.

We think this is a game changer. The world of credit has always been opaque to customers. It’s never been clear enough how you can move up and unlock better offers. This is crucial to the financial resilience of our customers, as better eligibility and offers means they are more likely to absorb any financial shock.

Now we’re helping customers improve their eligibility by recommending quick easy fixes that will help them get the credit they need. And it’s a win-win — by helping people become more eligible, our lenders are able to help more customers achieve their goals.

In 2020, more than half a billion pounds was lost to credit fraud.

That’s when someone takes out credit in your name — and often doesn’t pay it back.

It can have a really bad impact on your credit score and be difficult to fix.

And even though it should be obvious when someone takes out credit in your name, it can actually be surprisingly easy to miss.

As it stands, customers are expected to check their credit reports frequently — keeping an eye out for any searches they don’t recognise and raising a dispute.

We’re making it easier to spot identity fraud on your account by telling you as soon as we see something change.

Customers will get a notification telling them what’s happened and what they can do next if they don’t recognise what they see.

So if a company runs a hard search on their account, they can quickly tap to see more information and take action early if anything looks wrong.

We’ve already sent a million live alerts to our customers — taking the guesswork out of protecting your data and the financial progress you’ve worked hard to build.

We’re rolling out both these features gradually over the next few months, so keep an eye out for more personalised actions and alerts in the TotallyMoney app.

Together, we think these features make TotallyMoney even more dynamic and tailored to each individual’s financial needs. They’re a big step forward in helping customers rebuild their financial resilience so they can move towards their goals with confidence.

* FCA

† TotallyMoney survey 2021