Singapore’s United Overseas Bank (UOB) has decided to utilise Meniga’s technology to enable customers of its digital bank customers to track their transactions.
The implementation of Meniga’s personal financial management solutions will enable UOB Digital Bank customers to keep real-time track of their expenses and savings.
UOB is said to the first bank in Southeast Asia to deploy Meniga’s solution.
UOB head of regional digital bank and digital banking Dennis Khoo said: “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.”
The personal financial management solutions are expected to simplify complex and multiple transaction datasets into simple and relevant data.
Besides categorising the savings and expenses, the solution will also offer actionable information or insights on the customer’s spending habits.
Furthermore, they can also categorise all expenses under personalised hashtags.
Meniga co-founder and CEO Georg Ludviksson said: “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.”