The Financial Services Forum’s 2023 Awards for Innovation and Transformation are a celebration of those who’ve sparked innovation, change or transformation within their market, business or category.
Innovation is no longer just a process or supplement to core business strategy but a central principle: a reminder to continuously strive for ongoing transformation.
Snoop won the 'Most Innovative Company of the Year' and came highly commended for 'Best Innovation in Product' at the awards, based on their budgeting tool.
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According to the Financial Conduct Authorities Financial Lives 2022 survey: 60% of all UK adults are finding it a heavy burden or somewhat of a burden to keep up with their bills and 12.9 million UK adults now have low financial resilience. Many combining factors result in low financial capability and resilience. One of them is not having a budget or having an inaccurate budget.
The problem is, there's nothing more soul-destroying than the personal admin required to set up a budget and manage it on an ongoing basis. It takes lots of paperwork, lots of time, and is prone to error. Even when people have a budget in place, they may struggle to stay on track with their spending goals, especially if they encounter unexpected expenses or impulse purchases.
Snoop’s new two-tap Budgeting Service aims to solve this problem and has endeavoured to turn something important, but painful to the customer, into a hassle-free solution. The opportunity is to transform the way customers engage with and manage their money to ensure better financial outcomes for everyone.
The key challenge when persuading consumers to embrace the service (and money management as a whole) is to make it easy and personal to the user. That’s why the service is accessible to everyone, with instant set up and plays back the customer's data to help them create bespoke budgets and anchor budget-setting decisions with speed and accuracy.
As a business Snoop is dedicated to using payment data to help customers save money and enhance the customer experience. Our new Budgeting Service is a prime example of leveraging payments data in an intelligent way to deliver customised and practical insights to our customers.
Customers said:
“The budget function is a game changer well done”.
“I think the new budgeting section of Snoop is excellent. It really helps you to see more rather than just what bills you're spending each month. Thanks, and keep up the excellent work.”
“Such a clever and comprehensive app. Snoop’s new budgeting feature has made looking at monthly spending so much easier.”
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Highly regarded throughout the industry, winning a Financial Services Forum award is described as a feather in the cap for any marketer, and one that Vanquis Banking Group’s, Snoop, can be rightly proud of.