United Overseas Bank (UOB) today announced that its advanced data enrichment and categorisation capability will help UOB Digital Bank customers keep track in real time of their savings and expenses more easily and clearly.
Meniga, a global leader in digital banking solutions, will be the engine running this capability for the Bank.
UOB will be the first bank in Southeast Asia to employ Meniga’s solution to simplify complex and multiple transaction datasets into simple and relevant data for its Digital Bank customers. It will also enable UOB’s Digital Bank to understand customer needs better and to prompt them to make smarter decisions in managing their finances.
Dr Dennis Khoo, Head of Regional Digital Bank and Digital Banking, UOB, said that the collaboration with Meniga is a key building block in the Bank’s data-centric approach to use data as a strategic asset to create engaging and effortless experiences for the growing group of mobile-first and mobile-only consumers in ASEAN.
Meniga’s solution will help to remove friction and to ease pain points which consumers generally experience when managing their finances.
“A pain point customers typically face when tracking their monthly expenses is the inconsistency in how retail names are recorded. As a result, it takes a longer time to match their expenses with what is reflected in their statements. 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. Our 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,” Dr Khoo said.
Meniga’s solution will 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 instance, 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, CEO and Co-founder of Meniga, said: “Collaborating with UOB marks an important milestone in Meniga’s geographical expansion and I believe is one of the largest and most exciting personal financial management partnerships ever made in Southeast Asia. The collaboration 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. We have been particularly impressed by UOB’s strong commitment to personalise their digital channels as well as their structured approach to collaborating with FinTech companies.”
UOB’s collaboration with Meniga follows other industry-first announcements UOB has made as it builds its digital bank, including the establishment of its joint venture Avatec.ai to create a next-generation digital credit assessment solution, its investment and partnership with Personetics to deepen the Bank’s AI capabilities and the launch of a pan-regional Engagement Lab focussed on using the latest technology and behavioural insights to deepen customer engagement.