Australia-based direct bank UBank has tapped fintech Basiq to help it prepare for open banking.
The first phase of the partnership is an update to the bank’s in-app budget tool which uses machine learning to provide insights into consumers’ spending habits. By 2020, the partnership will offer customers predictions of future spending behaviours within their UBank app.
Basiq, which is backed by Salesforce Ventures, NAB Ventures and Westpac’s Reinventure, offers a platform which provides access to financial data from over 60 institutions. As more open banking APIs become publicly available in February 2020, Basiq aims to provide a fuller financial picture of a customer’s data across all of their banks.
UBank’s first application of Basiq is a machine learning model – which draws on several external data sources to enrich historical banking data – that gives customers more detailed and accurate spending insights across 40 categories. Customers will be able to see how much they have spent in each category or at a particular merchant.
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