Basiq has partnered with UBank to help over half a million consumers predict spending and better manage their finances!
By taking advantage of Basiq's machine learning capabilities, UBank gains access to advanced insights across 40 categories of spending. This means that UBank customers can see their total spend and transaction details across a range of categories such as "cafes and restaurants" or "transport" via the Free2Spend app.
Additionally, the partnership will help ensure consumers can achieve their savings goals by telling them exactly how much they can spend each day, based on historical bank data such as income and typical bills.
Ubank CEO Lee Hatton says that the partnership will empower their customers, over half of which are millennials, to leverage data and improve financial literacy.
"‘This is not a parent-child relationship. We talk about financial literacy, but now it is also about data literacy. How can I be empowered with my own money? Research shows too much stress anxiety about money among Millennials. You have data we can use to give people richer experiences,’’ Hatton says.
For the full story head to the Australian Financial Review.