HSBC-backed FinTech Bud is set to ‘refocus’ its products following a restructure of its business.
Bud uses Open Banking to offer banks data which helps them innovate.
The FinTech will offer its software to businesses outside the banking space.
Retailers, utilities and insurance companies will be targeted according to City A.M.
What does this mean?
The company has gone through a significant restructure including staffing, which it says was about understanding different skillsets and teams were needed to achieve its goals. Sharing data is no longer the preserve of banks thanks to new open banking legislation – it will also help the likes of retailers gain insight into how to best serve their customers.