Research shows that inertia costs consumers £12 billion per year – known as the  loyalty penalty. To put this into context, 8/10 consumers end up overpaying for at least one essential service, for example on their energy, mobile, mortgage,  insurance, or broadband bills.

By using a combination of Open Banking data, artificial intelligence and human  intelligence, Snoop is transforming traditional retail banking, money management and price comparison to fundamentally change the way people think about their  money, give them the means to take action and define the future of financial services.

Snoop is doing what banks should always have been doing. Delivering connected, helpful, hyper-personal experiences that genuinely make customers better off.

Every customer gets a completely unique experience based on their own banking  data, with personalised insights and tips based on previous transactions.

This is facilitated through Open Banking, with cutting edge comparison technology  and a custom machine learning model underpinning the experience.
Hyper- personalisation and the ability  to connect people with relevant and  personalised money insights at exactly the right time is what makes Snoop different, and enables the app to be relevant, practical and useful in the  everyday lives of people.

The app goes even one step further to not only provide  hyper- personalised money  insights but makes insights actionable and give customers the opportunity to enact change.

The app is underpinned by cutting- edge artificial intelligence and a custom machine learning model, which is applying intelligence to a dataset that’s never really had it before.
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Snoop processes millions of transactions from users on a daily basis and the engine is able to analyse it in real-time. Applying rules-based and machine learning procedures, the platform matches money advice and appropriate actions to users based on their transactional information to create a hyper-personalised experience that gets increasingly more precise with time.

While banks and other startups have dipped their toes into beautifying data for spending categorisation and money management, Snoop’s AI is driving

Too many people are spending over the odds on utility bills, insurance and  broadband without knowing. Snoop wants to change this and help put pounds and pence directly back in customers pockets.

Linking regular bills to a service (e.g. energy, mobile, mortgage), Snoop actively helps keep track and find a better deal when customers need one. It takes  away the leg work and energy needed to avoid expensive auto-renewals and makes it easy to switch key services so customers aren’t on a bad deal for a second longer  than they need to be.

Snoop is a business that meets a genuine customer need, that is growing quickly as a result of customer engagement and adoption.

As a result, Snoop has so far been downloaded more than 500,000 times, with 200,000 users active at any one time.

Snoop has already proven it is possible to create a product that is driving significant daily and monthly engagement similar to what we would normally see in a core banking app.

Engagement metrics show that 33 per cent of customers go to the app 11 times a month.