UBank says the partnership is an important move into Open Data and by next year, the partnership will offer customers predictions of future spending behaviours just by using their UBank app.
Powered by a machine learning model – and combined with several external data sources to enrich historical banking data – UBank says the partnership means it will now give its transaction customers more detailed and accurate spending insights across 40 categories, including tech & gadgets, cafes & restaurants, transport, rent, and holidays & travel.
“Within each category, customers will be able to see the total spend number and every transaction within a certain period across the category. They’ll also be able to see detailed spending by merchant, clarifying how much they really spent at the local pub or on their beloved pets over the past month,” UBank says in a statement.
“To get started, UBank customers can use the in-app Budget tool to enter their fixed costs like rent, how much they want to save and bills – even buy now, pay later purchases. Like a fitness tracker that matches the current status against a daily goal, the Budget tool shows a single, real-time number of how much to spend each day. It also automatically adjusts to help keep the customer on track, even when they overspend.
“Next year, UBank’s goal is to enhance its partnership with Basiq to help customers avoid bill shock by predicting their upcoming bills. It also aims to helps customers adopt positive spending behaviour by predicting how much they are likely to spend by the end of their pay cycle, after each transaction. Ultimately helping customers to more confidently hit their savings goals or just control their spending.”
“Budgeting is still a need that is widely underserved,” says UBank CEO, Lee Hatton.
“What used to be tracked in unwieldy spreadsheets or ledgers – if it was tracked at all – can now be tracked in a simple app. Giving Australians richer insights into their spending data means they can make smarter decisions without lifting a finger – it’s how we can truly set them up for success.”
UBank cites recent research it commissioned revealing that 84% of Australians are unaware of monthly household expenses like bills and utilities, while 85% are unaware of what they spend each month on entertainment.
“Through the partnership with Basiq, UBank’s effortless Budget tool will help customers automate the drudgery of manual efforts usually tied to budgeting. It ultimately enables them to be smarter with their money – whether they’re aiming to save more toward their goals or spend more responsibly each pay cycle,” UBank says.
“UBank is the first in market to leverage Basiq’s platform to apply advanced machine learning algorithms and help customers understand how they’re spending their money,” says Basiq CEO Damir Cuca. “It’s an important tool for helping customers meet their financial goals.”
“We love partnering with an organisation like UBank that really gets the power of data in an entirely new way to help customers make smarter financial decisions.”