Enabling the next generation of smart money management

Enabling the next generation of smart money management

Australian fintechs Fupay and Basiq have partnered to offer Fu Flow, a nextgen money management and cash flow forecasting tool, that has been tried, tested and loved by over 140,000 users of the Fupay app. Fu Flow is now available as a white-label solution to any financial institution who wants to attract and enable millennial customers to make informed money choices and can be integrated in as little as 6 weeks.

The Fu Flow solution leverages the unique combination of Basiq’s open banking platform, widely used by Australia’s most innovative fintechs, to aggregate and categorise up to two years of a customer’s transaction history across their bank accounts. This is supercharged with Fu Flow’s unique machine learning algorithms that accurately predict future income, bills and spending with 95% accuracy. By forecasting net cash flow across future paycycles, the end-user benefits from actionable insights and the ability to take action in-app to address their future needs, such as saving or borrowing a small amount of money to meet a large bill or expense.

Traditional budgeting apps or PFM tools offered by banks and financial institutions are outdated and do not meet the needs or expectations of most millennial and Gen Z customers as they only give a retrospective view of a customer’s money. People are multi-banked and PFM’s are commonly limited to a single bank. This leaves customers with the burden of aggregating their transaction information from across institutions to obtain a holistic view of cash flow and the inability to predict and action future cash flow needs.

The technology behind Fu Flow has been tried, tested and loved by over 140,000 users of the Fupay app in the past 10 months and is now available to financial institutions who want to differentiate themselves and better engage with customers. There is a clear demand by financial institutions locally seeking to meet the changing needs of millennial customers and remain relevant with a number of brand name banks and lenders well advanced in implementing Fupay’s unique offering.

By partnering with Fupay and Basiq, financial institutions can deliver these tools to their customers in as little as 6 weeks. “We’ve done the heavy lifting over the last three years building and perfecting our technology with real customers at scale. We know the platform works and resonates with customers based on the engagement in our own Fupay app,” said Jess Joyce, who leads Strategic Partnerships at Fupay.

Chris Smith, Head of Sales at Basiq added, “At Basiq, we’ve been providing some of Australia’s leading fintechs with consumer-consented access to transaction data since 2017. As a result, we’ve developed expertise in how to make the process of sharing data customer-friendly and how that data should be treated. Instead of hiring a data science team, businesses can simply integrate with us and Fupay in a matter of weeks.”