UBank partners with fintech to facilitate AI integration

NAB subsidiary UBank has partnered with Australian fintech Basiq in a bid to leverage machine learning for the provision of financial services.

According to UBank, the partnership gives transaction customers more detailed and accurate spending insights across 40 categories, which include technology and gadgets, cafes and restaurants, transport, rent, and holidays and travel.

UBank stated that within each category, customers will be able to see the total spend number and every transaction within a certain period across the category while also being able to see detailed spending by merchant.

In its first phase, the partnership will allow UBank customers to use the in-app budgeting tool to enter their fixed costs that are weighed against a daily goal to show users, in real time, how much to spend each day to meet their goal.

The tracker also adjusts automatically to help keep customers on track, even when they exceed their spending limit.

UBank also revealed that it plans to broaden its partnership with Basiq in 2020, to facilitate the launch of new features that predict a customer’s upcoming repayment obligations to prevent “shock” and help them adopt to positive spending behaviour by predicting how much they are likely to spend by the end of their pay cycle, after each transaction.

“Budgeting is still a need that is widely underserved,” UBank CEO Lee Hatton said.

“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.”

Basiq CEO Damir Cuca added: “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.”

[Related: Spending habits hinder housing affordability]