Helping UOB customers track savings and expenses

Customers of United Overseas Bank's (UOB) digital bank will be able to track their savings and expenses better, owing to a tie-up with financial services firm Meniga.

UOB will use Meniga's solution to sort out complex and multiple transaction data into simple and relevant information for customers.

Mr Dennis Khoo, UOB's head of regional digital bank and digital banking, said the technology can alleviate one common irritant customers face when trying to track monthly expenses - the inconsistency in how retail names are recorded, which lengthens the time taken to match spending with bank statement entries.

He added: "The inconsistency is due to the transaction data coming from different sources, each with its own classification set.

"Meniga's solution powers UOB's... 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."

Meniga's solution will also enable UOB's digital bank to analyse transaction data in real time and offer insights to prompt customers to save and to spend wisely.

For example, a customer who dines out frequently could be asked to set a budget for dining out and be alerted to stay on track.

The customer can also categorise expenses and check in real time how much has been spent in each category, in order to remain disciplined.

Meniga chief executive and co-founder Georg Ludviksson said: "The collaboration (with UOB) 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."

A version of this article appeared in the print edition of The Straits Times on November 10, 2018, with the headline 'Helping UOB customers track savings and expenses'. Print Edition | Subscribe