UBank x Basiq: Fintech partnership allows customers to review spending in time for Christmas

By Tara McCabe ·

Just in time for arguably the most expensive season of the year, online bank UBank have teamed up with Aussie fintech Basiq to help customers review their spending habits and set budgets.

By partnering up with open data banking platform Basiq, UBank will be able to give its customers a more detailed insight into what they spend their money on, on a daily basis.

Plus, you might even enjoy observing how your average daily spend goes down in January when you hopefully have less to spend on.

How does it work?

If you currently keep your digital dollars in a UBank transaction account, you can now use the online bank’s in-app budget tool to view a complete break down of your spending. 

Your spending can be split into any of 40 different categories and the new feature gives you the ability to review detailed information about your spending in relation to each individual merchant.

With this new step, UBank hope to make use of machine learning to create the first ever debit card powered by artificial intelligence. 

What is an AI powered debit card?

An AI powered debit card is just what it sounds like, a debit card that uses machine learning to gather and compare data. The AI algorithm will be able to review the data fed to it to create a picture of your spending habits, for example, whether you spend more on eating out on a Saturday or cafe food from Monday to Friday.

This means you’ll no longer have to trawl through your online banking or even paper bank statements to see exactly where your money goes, because the AI technology will do all of that for you.

What is Basiq?

This is all great, but you may be wondering, what exactly is Basiq?

Well Basiq is the fintech company providing the AI technology that makes all of this possible. Basiq is, pardon the pun, basically a platform where lots of financial data is aggregated.

The Aussie fintech uses a set of APIs to provide secure access to financial institutions.
And technology like this is on the rise! So don’t be surprised if you hear the words neobank, open data banking and fintech bandied around a lot more in 2020.

Interested to read more fintech news? Why not check out our dedicated fintech hub for more stories.

Tara McCabe
Tara McCabe
Money writer

Tara McCabe writes across all areas of personal finance here at Mozo from banking through to insurance. Tara is expert at practical money tips, showing readers ways to live richer and be socially conscious while doing it. She earned a BA (Hons) in English Literature from Canterbury Christ Church University.