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Business Challenge

Snoop is a business with a big ambition - to make everyone better off

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.

Traditionally these companies have been less than transparent with customers after the initial sign up. Consumers that are not constantly vigilant will likely pay over the odds. Snoop wants to put a stop to that.

With household spending squeezed through the pandemic, coupled with surging energy bills, inflation and increasing interest rates, Snoop set out to change the game by actively helping people extract truly useful insights from their transaction data to take control of their spending.

For too long, the big banks have controlled the most detailed and personal data of consumers’ lives. Banks hold the record of everything we spend, save and borrow – from utility bills and mortgage payments to our daily coffee. This is part of why we are so unavoidably reliant on them.

However, banks don’t help consumers exploit that data to their advantage.

This is where Snoop comes in.

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.


A hyper-personalised money assistant

Snoop set out to change the game by actively helping people extract useful insights from their transaction data to save themselves money.

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.

Rather than simply telling users they are spending over the odds or could be saving money, Snoop tells customers what they can do about it and help facilitate action.

This can be anything from claiming Avios points where you can to making sure you’ve got the best interest rate on your savings account or getting cashback for switching broadband providers.

Taking on the loyalty penalty heads-on

Additionally, the recently launched Payment Hub, is a central place where customers can keep on top of all their bills, regular payments and subscriptions.

Customers can see exactly how much they’re spending, how often, what’s gone up and down, next expected payments and more.

This feature directly tackles the ‘loyalty penalty’ faced by tens of millions of people across the UK.

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.

By using Open Banking data to spot when customers need to be switching and to nudge them to do so through a highly engaging, frequent-usage app experience means Snoop helps people put money back in their own pocket, not boost the profits of big business.

Applying deep intelligence to financial data

The robust technology upon which Snoop is built is key to creating customer value through personalisation, bill and spend forecasting, trends and actionable insight.

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.

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 personalisation more akin to the dynamic and data-driven big media platforms such as Netflix and Instagram than a bank.

Ultimately, Snoop’s business model is a fair and transparent one and is based on a core belief that customers should be in control of their financial data. Snoop only makes money when the customer is switching to save themselves money. Snoop makes banking, money management, price comparison and switching services more intelligent and personalised – and ultimately more rewarding for customers.

Helping one community save £75,000

On average, Snoop customers save £1,500 per year, but in some instances, Snoop unearths an insight that has a considerable impact on the community.

An example to illustrate the power of the app: Snoop was able to pinpoint that some people in the Milton Keynes area might have been paying over the odds for their water bills. The app prompted users to check to see if they were paying for 'surface water drainage' - rainfall that falls on a property and drains away into public sewers. This charge is often added to bills even if the charge is not relevant, but it is up to the customer to find this out themselves and request a claim.

Snoop Anglian Water Rebate

Based on this insight a customer successfully claimed £230 from Anglian Water. He shared the insight with his neighbours and soon realised the rest of his neighbours on his Housing Estate had been overcharged. After several more successful individual claims, Anglian Water initially agreed to look at a group claim for all 378 properties on the development.

The result: Snoop helped one community get a £75,000 rebate.

When you consider the niche nature of this money-saving insight, you can see the vast potential of the business across mainstream bills and spending.


The best experience in banking will no longer be a bank.

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.

Since its launch, Snoop has analysed over 200 million transactions and delivered over one million insights to customers.

Most importantly, it is estimated that Snoop saves the average household £1,500 per year.

Snoop has been recognised by users, national press and is highly awarded in the financial services sector:

Featured in The Times, Guardian, Daily Mirror
• Innovation of the year - British Bank Awards 2021

• Best Use of Open Banking - Open Banking Expo

• 4.6* Stars on App store with over 2000 reviews