You are here
UOB making it easier for digital bank customers to keep track of savings and expenses
CUSTOMERS of United Overseas Bank's digital bank will be able to keep track of their savings and expenses better in real time as a results UOB's tie up with digital banking solution provider Meniga.
UOB said that it will be the first bank in South-east Asia to employ Meniga’s solution to simplify complex and multiple transaction datasets into simple and relevant data for its digital bank customers.
UOB's head of regional digital bank and digital banking Dennis Khoo explained how the technology can alleviate one pain-point customers typically face when tracking their monthly expenses - the inconsistency in how retail names are recorded so it takes a longer time to match expenses with bank statement entries.
Said Dr Khoo: "The inconsistency is due to the transaction data coming from different sources, each with its own classification set. Meniga’s solution powers UOB’s Digital Bank’s advanced expense tracking which sorts and categorises these large volumes of complex transaction data. This means our customers can match their purchases without having to scratch their heads trying to figure out
the retail or brand name associated with the merchant."
He added that customers will also be able to organise the way in which they manage their finances in real-time so that it is always personal to them and relevant to their own needs.
Meniga’s solution will also enable UOB’s digital bank to analyse transaction data in real time and to offer actionable information or insights to prompt customers to save and to spend cleverly. For example, a customer who dines out frequently could be asked if they would like to set a budget for dining out and to be alerted to stay on track. The customer can also categorise expenses through personalised hashtags,
such as #rainydayfund or #coffeewithfriends and check in real-time how much has been spent in each category in order to remain disciplined.
Georg Ludviksson, chief executive officer and co-founder of Meniga, said: "The collaboration (with UOB) will see our product launched in several exciting, high-growth markets where we look forward to making a positive impact on people’s personal finances.”