Ubank introduces innovative tools for enhanced financial management

Digital Reinvention
04/03/2024 News

Ubank, a digital bank under NAB ownership, is launching new tools to aid customers in financial management. The focus is on clarity regarding expenses and budgeting, addressing common financial stressors.

One such tool is the Pay Cycle display in the Ubank app, showing the time until the next payday. This helps users understand income and expenses, empowering effective cash flow management. Andrew Morrison, Ubank's Chief Product and Growth Officer, emphasizes its importance in addressing recurring challenges like budgeting.

Since its December launch, about six percent of active Ubank customers have used the Pay Cycle feature, mainly opting for fortnightly cycles, aligning with Australian pay trends.

The next phase introduces the Bill Planner feature, enabling users to manage bill reminders within the app. It streamlines budgeting by aligning bill payments with pay cycles, with future versions offering predictive capabilities.

Ubank is also introducing a Bills account for setting aside funds specifically for bill payments, with a digital card for seamless transactions.

Morrison highlights Ubank's customer-centric innovation, gathering feedback through various channels to ensure features evolve to meet customer needs.

By providing insights into expenses and evolving features, Ubank aims to empower informed spending decisions. Morrison stresses budgeting for committed expenses and savings goals, allowing guilt-free spending with remaining funds.

Ultimately, Ubank aims to foster financial well-being by promoting thoughtful spending decisions consistently.

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