Financial services company AperiData teams up with Qualco UK to enhances financial health through Togglit app collaboration
In a groundbreaking move, AperiData, a UK-based Open Banking credit bureau, has joined forces with Qualco UK and their Togglit app to transform debt management and improve financial wellbeing for consumers.
This strategic partnership leverages Open Banking insights combined with ethical collections technology to create a more supportive, inclusive, and consumer-first financial ecosystem.
- Open Banking Insights for Deeper Consumer Understanding
AperiData's real-time, comprehensive financial data through Open Banking APIs allows the Togglit app to gain a clearer, more accurate picture of a consumer’s financial situation. This includes income, spending patterns, and account balances, providing a more holistic view beyond traditional credit reports.
- Personalized Debt Repayment Plans
By analysing these Open Banking insights, Togglit can tailor debt management advice and repayment plans to fit each individual’s unique financial circumstances. This personalization helps consumers manage debts more realistically and sustainably.
- Ethical Collections Approach
The partnership ensures that debt collection efforts are conducted ethically, focusing on consumer wellbeing rather than aggressive chasing. The data-driven insights help enable more compassionate, transparent communication and realistic payment expectations.
- Empowering Consumers to Take Control of Their Finances
With more accurate data and a consumer-centric approach, Togglit empowers users to take control of their finances, reduce financial stress, and improve their long-term financial health.
- Benefiting Creditors
Although focused on consumers, the partnership also benefits creditors by lowering default rates and building trust through fair practices enabled by accurate, up-to-date financial data.
James Goddard, director of product at Togglit, commented on the partnership, stating that their platform allows customers facing financial challenges to manage their outstanding balances at a pace that suits their individual circumstances.
Individuals can use Togglit's self-service portal to manage their debt using tools like 'Budget Planner' and 'Instalment Plans'. The enhancements enable more informed affordability assessments and personalised repayment plans.
The collaboration between AperiData and Togglit is positioned as an alternative to traditional debt collection agencies. This partnership underscores a shared belief in innovation and delivering better consumer outcomes among AperiData, Qualco, and Togglit.
In a statement on LinkedIn, AperiData expressed pride in their collaboration with Qualco and Togglit, stating that they are paving the way for a more supportive, inclusive, and consumer-first financial ecosystem.
- The integration of AperiData's Open Banking data with Togglit's technology marks a significant step towards enhancing debt management, fostering a more collaborative, ethical, and consumer-centric financial environment.
- By harnessing Open Banking insights, the partnership facilitates a data-driven approach to collections, promoting transparency and building trust between consumers and creditors.
- Innovation in fintech through the collaboration of AperiData, Qualco, and Togglit is expected to lead to fresh perspectives and solutions for the finance industry, reshaping business models and improving finance management for both consumers and creditors.
- Empowered with Open Banking data and personalized tools, users can make informed decisions about their finances, proactively managing their debts and working towards improved financial wellbeing.
- This groundbreaking alliance between AperiData and Togglit demonstrates a commitment to leveraging technology for good, using data insights to build a more open, supportive, and inclusive financial system for all.
