Snoop: The Basics
- Founder: Former Virgin Money CEO Dame Jayne-Anne Gadhia
- Founded: 2019
- Launched: April 2020
- Keywords: Consumer champion, Open-Banking, Hyperpersonalization, AI
- Who is it for: Consumers seeking a high-speed money-saving system to save households up to £1,500 per year.
- Total investment: $9M
- Headquarters: London and Norwich, United Kingdom.
Across the financial world, there is an abundance of banking platforms designed with ill intentions in mind. Such platforms aim to rip off clients through excessive fees or other unscrupulous means.
As these rip-offs become more prevalent, so does the need for some form of secure technology that aims to overcome these rip-offs and guide consumers to trustworthy platforms and make the most of their hard-earned finances.
Snoop came along with a noble mission to cater to demand: To provide an inherently secure open-banking platform that utilized an intricate combination of human and artificial intelligence to deliver data-driven, hyper-personalized insights to assist consumers worldwide to avoid scams rip-offs and ensure their money is working for them.
Snoop: Driving Towards Their Goals
The Snoop platform was founded in 2019 by the former CEO of Virgin Money, Dame Jayne-Anne Gadhia, and some of her most experienced and trusted former colleagues. Snoop successfully raised more than $9 million before it even launched during its initial phase of funding, further demonstrating its financial abilities.
The public launch of Snoop was due to take place in June of 2020. But due to the ongoing effects and widespread uncertainty amidst the Covid-19 pandemic, the launch date was brought forward by a few months to April.
At its launch, potential clients of Snoop were given an in-depth insight into what this open-finance project aims to achieve. The founders of Snoop believe that it’s not right for consumers to be constantly on their guard to navigate a financial world of rip-off deals, poor products, and sneaky price rises.
To tackle this plague of scams and rip-offs in the banking world, Snoop has made it their mission to help consumers take back a big part of the £12 billion costs of loyalty and put it back in their pocket. In mere months, Snoop’s revolutionary financial mission helped draw in more than 100,000 new users to the platform.
But of course, Snoop isn’t the first financial project with such a courageous mission. But it does have several aspects that make it inherently different from the similar apps in this corner of the financial markets. Snoop has an overall mission to save the average British household more than £1,500 per year. How? By giving consumers control of their data and helping them use it to their advantage.
With machine learning, Snoop can identify more cost-effective ways to lower the living costs of its consumers. Snoop users can flawlessly switch Energy, Broadband, TV Packages, Mobile, and Broadband through its easy-to-use app, according to what works better for them financially.
Partnership
Despite being a relatively new addition to the financial markets, Snoop has formed several promising partnerships with like-minded partners worldwide. One of them is a life insurance platform called Anorak.
By partnering its unique machine learning mechanism with the life insurance services of Anorak, Snoop can give its users a quick and easy route to personalized, impartial, and regulated advice. Mortgages and numerous other promising areas of consumer finance are planned to follow.
Conclusion
And last but by no means least is Snoop’s ability to flawlessly and securely connect bank accounts and credit cards from multiple banks so that users of the platform can see all their banking info in one convenient place. Then, the high-grade Snoop AI begins to scan transaction data to identify spot savings opportunities, known as ‘Snoops,’ which are sourced from digital and human inputs, including submissions from other users.
