Snoop - the first app in the UK to integrate credit score within a money management platform Qorus-Infosys Finacle Banking Innovation Awards 2024- Nominated

Snoop - Empowering financial wellbeing

Introduction to Snoop

Snoop empowers individuals to navigate the challenges of rising living costs, take charge of their budgets, manage their finances effectively, elevate their credit scores, build a secure future, and live a better life – all in one app.

It goes well beyond budgeting to help users save up to £1,500 a year. Snoop is the only money management app that gives customers budgeting, spend analysis, net worth tracking, transaction history, credit score (plus much more) for free.

The app is easy to use and praised for its helpful, human customer service. Users report feeling more in control of their finances and achieving financial goals with Snoop's help.

Incorporating Credit Score into Snoop

Concept and objectives

Snoop is revolutionising financial management by combining money management and credit score monitoring into a single, user-friendly app. Our objective is clear: empower individuals in the UK to take control of their finances amidst rising living costs and economic uncertainty.

Reasons behind

The decision to integrate free credit score monitoring with our award-winning money management tools stems from a commitment to comprehensive financial empowerment. By providing users with insights into both their spending habits and creditworthiness, Snoop equips them with the tools needed to make informed financial decisions and improve their financial well-being.

State of competition

Snoop stands out in the market as the first and only app in the UK offering this unique combination of services. With over 50,000 users actively monitoring their credit scores within just two months of launch, Snoop has quickly established itself as a leader in enhancing financial literacy and confidence.

Sources of inspiration

Inspired by the challenges faced by individuals navigating today's economic landscape, Snoop leverages Open Banking innovation to deliver personalised insights and actionable advice that help users save up to £1,500 annually. Our approach is rooted in accessibility, ensuring that financial management tools are not only effective but also easy to use.

Departments involved

Snoop collaborated with Equifax and the success of the initiative involved collaboration across multiple departments, including product development, IT, engineering, partnerships, and marketing. Each department played (and plays) a crucial role in delivering a seamless user experience and ensuring that our services meet the highest standards of quality and innovation.

Main results so far:

• 250,000 customers. • 93% of customers would recommend Snoop. • More than 8 out of 10 customers say Snoop makes them feel more confident about their money. • Over half of customers say Snoop has already saved them money. • Credit score specific: activation by 24,000 customers within the first three weeks, growing to 50,000 within two months. • Over 30% of new users activate their credit score within their first week, demonstrating rapid adoption.

Snoop is more than just an app – it us a catalyst for financial empowerment, helping users build better credit histories, save money, make informed financial decisions, and ultimately achieve their financial goals.

We are proud to submit our entry for the Qorus-Infosys Finacle Banking Innovation Awards, showcasing how Snoop is making a tangible difference in the lives of our users. Thank you for considering our submission.