No, I didn’t type it wrong. In typical startup land spelling, Basiq is a thing – they’re an Aussie financial startup which has just done a deal with UBank which should see customers get more from their banking app.
Using advanced machine learning techniques, Basiq looks set to give UBank customers a more complete view of their finances – in real-time too.
The bank’s app will use all the data about your spending, like where, when and on what you’re shelling out cash – to not just report transactions but give you a sense of what you have available to spend.
And it doesn’t just work for the average 9-5 employee. Gig economy workers like delivery drivers, or basically any Millenial working multiple jobs will benefit from a more complete look at their finances.
Next year, it will even move into predictive spending behavioural patterns. Perhaps I need the UBank app and an account so I can be warned at 11am not to get Uber Eats today. Too late.
It all relates back to your budget. Using the in-app Budget tool, users enter fixed costs like rent, internet, phone and other bills, as well as savings goals, and using that information, paired with daily spending and incomes – you’ll know if it’s right to buy that thing you’re currently considering.
“Budgeting is still a need that is widely underserved,” says UBank CEO, Lee Hatton. “What used to be tracked in unwieldy spreadsheets or ledgers – if it was tracked at all – can now be tracked in a simple app. Giving Australians richer insights into their spending data means they can make smarter decisions without lifting a finger – it’s how we can truly set them up for success.”
“UBank is the first in market to leverage Basiq’s platform to apply advanced machine learning algorithms and help customers understand how they’re spending their money,” says Basiq CEO Damir Cuca. “It’s an important tool for helping customers meet their financial goals.”
“We love partnering with an organisation like UBank that really gets the power of data in an entirely new way to help customers make smarter financial decisions.”