United Overseas Bank has partnered with Meniga for customer-centric data solutions for its digital banking customers.
The advanced data enrichment and categorisation capability with enable UOB Digital Bank customers to track their savings and expenses in real-time.
This deal puts UOB as the first Southeast Asia-based bank to implement Meniga’s solution to simplify and optimise various transaction datasets into a single set of relevant data for customers, the firm said.
UOB will also be able to better understand the needs of its customers and help them to make improved decisions. By partnering with Meniga, the bank is hoping to further its data-centric approach and use information as a strategic asset to engage and create improved experiences for mobile-first consumers across ASEAN.
The technology will remove friction and pain points faced by consumers with the finance management.
Once implemented, Meniga will provide UOB with tools to analyse transaction data in real-time and give actionable insights to help customers save more or spend smarter. An example is if a customer which frequently eats our, they could be asked to set budgets for this. They can also categorise expenses with hastags, such as #coffeewithfriends.
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.
“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.”
This partnership comes just months after Meniga pulled in its third investment of the year. The company raised €3m in funding from Íslandsbanki, and put its funding for the year to €9m.
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