UBank takes first step towards AI-powered spending predictions
UBank customers can now see detailed spending insights and will soon see predictions on their future spending habits via fintech Basiq.
UBank has today announced a new partnership with fintech Basiq in a big step towards open banking, which is set to be rolled out across the wider financial services sector in July 2020. The partnership enables UBank to offer its customers more detailed spending insights now, and predict customers' spending behaviours in the future.
Using machine learning , also known as artificial intelligence (AI), customers with a UBank transaction account can see detailed insights into their spending habits across 40 different spending categories.
For example, customers can see what they've been spending on tech and gadgets, cafes, restaurants, transport, rent, holidays, entertainment and more. So a customer could look at their monthly transactions and instantly see the categories where they're spending the most money.
Not only will customers be able to see exactly how much they've spent in each category, they'll also be able to see their individual transactions in each category including the merchant. This level of detail will give customers a much more accurate picture of how they spend, and where they have the capacity to cut back and save.
Spending predictions on track for 2020
As a second phase to the partnership with Basiq, UBank plans to launch predictive spending in 2020. The concept of an app predicting your future spending habits might sound a bit creepy at first, but it's designed to help customers better understand their financial behaviour and stay on track with their savings goals.
To do this, they'll leverage machine learning to understand a customer's regular spending habits and make informed predictions on how much the customer is likely to spend before they're paid again. This includes understanding a customer's regular bills, like a monthly phone bill and Netflix subscription, and taking these into account when predicting their future spending. The app will update the customer with a future spending prediction after every single transaction they make.
While the predictive spending feature is still being developed, the detailed spending insights across 40 categories and a daily budget update is available now to UBank customers.