Who is Dozens?
Dozens, an initiative by Project Imagine, has emerged in the digital banking market in the UK as a new solution that brings together several financial functionalities around saving, spending habits, and budgeting among others.
They don’t identify themselves as a new bank, instead, they are licensed as an e-money institution as well as an investing firm by the FCA, enabling them to offer both current/checking accounts as well as investment products.
Dozens launched its mobile app in January, and have started a crowdfunding round in March, which is already overfunding after hitting 100% of its funding target. The campaign is currently scheduled to close sometime in April
What is Dozens offering in the Challenger Banking Apps sector?
By providing customers with access to higher returns, and a complete overview of their money within one single app, Dozens helps consumers stay in control of their spending, grow their savings and invest all in one place.
The app itself has been designed to re-engage its users with their money through features such as saving through roundups and other automated rules (‘save for a sunny holiday every time it rains in London’).
It brings together a current account with an international debit card, a smart budgeting tool, and a savings and investment manager in one app, along with cash rewards for good financial behaviour. There are five sections in the Dozens app: spend, track, grow, invest and Dozens home.
Spend is the current account; track covers the user’s budgeting; grow offers smart saving rules for a cash savings account as well as 5% fixed interest bonds; and invest is for longer-term investments through thematic portfolios. The smart budgeting tool updates customers’ remaining weekly budget based on their daily spend. Further, it will reward its users for financially responsible behaviour such as staying within a weekly budget by entering them into a draw for cash prices.
How have Snowdrop helped Dozens?
Snowdrop has collaborated with Dozens to tackle the age-old problem of messy transaction data.
Our solution, known as the Merchant Reconciliation System (MRS), harnesses the power of Google Maps as well as our own library of business rule to take raw transaction data and return cleansed merchant names, logos and location information.
At its core, MRS is aimed at reducing customer anxiety by clearly identifying where transactions have occurred.
Users also benefit from gaining location context around their spending helping them to further understand their habits and trends. Dozens hasadopted this technology within the Spend section of the app. A mapped customer spending journey provides users with a view of where, how and when they spend at a glance.
Working together, seeking to continuously improve the user experience around visualization and introducing new functionalities, Snowdrop and Dozens collaboration is still going on.
2019 looks promising for both companies, Dozens’ launch will bring a new challenger into the Fintech environment in the UK and MRS will establish itself as a core business product created for the merger of Location Intelligence and Fintech expertise.