UOB and Personetics Launch AI-Driven Automated Savings Feature

United Overseas Bank (UOB), in partnership with Personetics, announced the launch of Auto-Save, on the TMRW mobile banking app in Indonesia today at the Singapore Fintech Festival 2022.

Powered by Personetics’ Artificial Intelligence (AI) and advanced data analytics solutions, the banking app is aimed at helping UOB’s customers in Indonesia to “save more effortlessly.”

The Auto-Save feature will slowly be rolled out in stages to all of UOB’s key markets in the ASEAN region, including Singapore.

Auto-Save can analyse and predict each user’s past, current, and future spending behaviors, income, and daily transactions to find “safe-to-save” money, the portion in which saving it will not affect one’s livelihood.

The app will then automatically move the “safe-to-save” money into the user’s TMRW savings account to accumulate higher interest while maintaining a healthy balance in their current account for cashflow flexibility.

While fully automated, customers can start, pause, or resume Auto-Save anytime on their app. This gives them complete ownership of their funds to manage their spending and savings accordingly, and they can withdraw anytime they want.

UOB has served ASEAN markets such as Indonesia, Malaysia, Singapore, and Thailand and, together with Personetics, has developed effective and efficient financial data-driven solutions.

Since 2018, UOB said that over 150 million personalised insights have been delivered across all four markets, achieving an average year-on-year growth of mobile user login of almost 30 percent.

Kevin Lam

“The first step to achieving one’s financial goals always starts with savings. But savings can also be a pain point for many of our customers in Indonesia,”

said Kevin Lam, Head of UOB TMRW and Group Digital Banking at UOB.

He added that according to UOB’s recent ASEAN Consumer Sentiment Study, one in two consumers in Indonesia highlighted that their top financial concern is the ability to put money aside for savings.

“As a deeply-rooted bank in Indonesia, we are committed to doing right by our customers by assisting them in achieving their financial goals. We are delighted to partner with Personetics to introduce the new Auto-Save feature on our TMRW mobile banking app to provide our customers with a simple, smart and automated way to save more for their future.”

David Sosna

David Sosna, CEO and Co-founder of Personetics said,

“UOB for years has been one of the most forward-leaning and innovative leaders in banking in Asia, and we are proud to expand our partnership with them. They are offering customers the best combination of the tradition and stability of UOB but with an innovative, young spirit of ‘TMRW’.

 

We believe that auto-savings will be an ideal fit for the needs of the Southeast Asian banking market, as customers in this region demand a higher level of support and involvement from their financial institutions in not just selling products, but improving their financial lives.”

Featured image credit: edited from Freepik