Q&A: Why Vanquis Bank acquired smart money app Snoop

In this Q&A, Vanquis’s Director of Marketing, Victoria Heath (above) and Snoop’s CMO and co-founder Paul Lloyd (below, left) discuss why Vanquis acquired Snoop and what this means for the future of banking.

Can you summarise Vanquis’s proposition and the niche it occupies in the market?

Vanquis Banking Group is a leading specialist bank focusing on the 14 million UK adults –hardworking Brits – who may have difficulty accessing credit from traditional lenders. For over 140 years, we’ve has been providing financial inclusion to this underserved segment by offering responsible credit solutions like credit cards, loans and car finance through Moneybarn.

We understand the unique needs of our customers and aim to empower them with tools and resources to improve their financial well-being. For everyone at Vanquis Banking Group, our purpose to help put people on a path to a better life really matters and we strive every day to help people gain access to credit, build their credit history, and achieve their financial goals.

By prioritising responsible lending practices and staying focused on this underserved (and growing) market segment, Vanquis Banking Group continues to play a vital role in promoting financial inclusion and resilience in the UK.

What is the strategy behind the acquisition of Snoop?

Vanquis Banking Group is uniquely positioned to become the leading lender to underserved consumers in the UK and customers remain at the heart of the Group’s purpose and strategy. The acquisition of Snoop means we can give our customers a smart new way to manage their money through the use of AI and data analytics which allows us to gain an even deeper understanding of our customers’ needs. Snoop’s technology enables the Group to provide a differentiated proposition to all our customers and help them save money. The combination of our customers and scale, with Snoop’s market leading technology, will allow us to go from strength to strength.

What will customers see in terms of value-added services?

Driven by an ambition to make everyone better off, Snoop provides customers with highly personalised, timely and actionable insights and targets savings of up to £1,500 a year.

The Snoop app is all about using payments data to help people improve their financial capability and resilience. The app has 16,000 four and five-star app store review , 74% of customers say that Snoop has made them feel better about their financial situation and 8/10 customers say it’s much easier to keep on top of their money and spending.

Nobody manages money in the same way. It is a personal thing. Everyone’s needs, wants, priorities and/or aspirations look different based on factors including income level and what’s happening in life (job security, stage of life etc.). We want to put this proven capability in the hands of as many customers as possible and help them through whatever life throws at them.

How do the two brands fit together?

As mentioned, Vanquis Banking Group’s ambition is to help put people on a path to a better everyday life and be able to be financially resilient in a relentlessly challenging economic environment. Snoop’s ambition is to make everyone better off. Together we believe that personalisation is the most powerful way to empower people to take control of their finances and make a real difference to their spending habits. Snoop’s cutting-edge technology allows us to do just that.

What marketing activities do you have planned around the acquisition?

The acquisition has provided Snoop with access to Vanquis Banking Group’s 1.5+ million customers who will benefit from the app. This acquisition marked an important step for Vanquis Banking Group as a leading specialist bank, bringing a market-leading, money management and saving app into its customer proposition.

Snoop targets savings of up to £1,500 per year for customers and we are busy putting those savings into the hands of our customers. We’re making good progress on our growth initiatives and test marketing of Snoop to the Group’s customer base is progressing ahead of our expectations. It helps that customers can be up and running in three minutes with the app and suddenly see and think about their money in a different way.

How do you see banking evolving – should banks be playing more of a role in offering insights and advice?

To stay relevant, banks will need to evolve beyond their traditional (transactional) role and embrace a personalised approach to their customers’ financial well-being. Imagine your bank analysing your spending patterns, identifying financial goals, and offering tailored insight on saving, investing, or debt management. That’s what Snoop does using open banking and AI-powered tools – helping customers to make more informed decisions and achieve better outcomes.

The key to winning customer loyalty is understanding their individual needs and delivering personalised products and services to meet their ever-changing needs and circumstances. Remember, banking isn’t just about money. It’s about understanding people and their aspirations and where they are on their financial journey. The banks that embrace this shift will be the ones that thrive in the years to come.