UBank uses machine learning in new spending tracker

UBank is embracing the industry shift to open data banking through a partnership with Australian fintech, Basiq, leveraging machine learning (ML) to give customers a more complete picture of their finances. The partnership hopes to offer customers predictions of future spending behaviours just by using their UBank app by 2020. This follows UBank launching its third artificial intelligence-based customer assistance offering earlier in the year, and what it claimed was the first digital human home loan application assistant. Dubbed'Mia', short for my interactive agent, the offering is built on digital human technology created by New Zealand company, FaceMe. It taps into IBM's Watson AI engine and designed to help consumers answer real-time questions during the home loan application process.