UBank adopts Basiq's AI-powered tools to help Millennials budget

UBank has joined forces with Basiq to predict the spending of Millennials and help them save money.

The National Australia Bank-owned digital bank, which has 550,000 customers (up 100,000 over the year), is using the Basiq data analytics platform to provide budget management software to customers, more than half of which are Millennials.

And new NAB boss Ross McEwan is keen to extend the customer personalisation technology across the group more broadly.

Sixty per cent of UBank’s 250 staff, based in its own space in a separate building in North Sydney, are also Millennials (aged 23-38). NAB Ventures took a strategic stake in Basiq two-and-a-half years ago, alongside Westpac’s Reinventure Group.

With explosive growth in the ‘buy now, pay later’ sector driven by the cohort’s aversion to credit, UBank has developed the Free2Spend tool that uses Basiq’s machine learning to flag upcoming spending and create budgets.

Influenced by fintechs like Pocketbook, owned by Zip Co, a leading ‘personal financial management’ (PFM) app, or Wildcard, which is helping Milliennials drip savings into transaction accounts to restrain excessive spending, Free2Spend has been designed to help customers avoid “bill shock”. It will flag when a utility bill or Netflix subscription is due, predicting if customers will have enough free cash flow to meet them. It also provides a savings goal tool to encourage pay, as soon as it is received, to be shifted into a UBank savings account.

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Source: UBank adopts Basiq’s AI-powered tools to help Millennials budget