Lloyds Banking Group has appointed Moneyhub as its data enrichment and categorisation partner following an extensive review of the market, in a move aimed at enhancing digital banking experiences for millions of customers across its household-name brands.

Under the agreement, Moneyhub will apply its AI-powered technology to categorise and enrich transaction data across Lloyds, Halifax, Scottish Widows and Bank of Scotland. The solution will process all transaction types, from direct debits and standing orders to card payments and transfers, helping customers better understand their spending habits.

The partnership is expected to improve the bank’s ability to offer personalised financial insights and develop more tailored services. By integrating Moneyhub’s categorisation platform with its own in-house generative AI capabilities, Lloyds aims to accelerate the delivery of accurate, real-time insights that support more informed financial decision-making.

Ranil Boteju, group chief data and analytics officer at Lloyds Banking Group, said: “Partnering with Moneyhub will allow us to rapidly deliver far richer and more valuable insights for our customers. By combining Moneyhub’s advanced categorisation technology with our in-house GenAI expertise, we’ll improve the time and accuracy of transaction classifications, unlocking new products and services for our customers and providing real-time insights so they can make more informed financial decisions.”

Moneyhub’s categorisation engine, which has been refined over more than a decade, is driven by machine learning techniques that draw directly on user interactions. The Bristol-based fintech has built a reputation in the open finance sector for delivering precise and granular transaction data across banking, wealth and insurance.

Dan Scholey, chief commercial officer at Moneyhub, said: “We are delighted to be chosen by Lloyds Banking Group as their categorisation partner. Our extensive experience in transaction categorisation has enabled us to develop a highly accurate engine that will benefit LBG and its customers. We look forward to enabling the many use cases this partnership offers, helping LBG become more efficient, profitable, compliant, and customer-centric.”