UOB and Personetics Launch AI-driven Automated Savings Feature
Its TMRW Mobile Banking App – The First of Its Kind in Southeast Asia
Singapore, 02 November 2022 – UOB and Personetics, today at the Singapore Fintech Festival 2022 announced the launch of Auto-Save, an AI (artificial intelligence) driven automated and self-adjustable savings feature on the TMRW mobile banking app in Indonesia. Powered by Personetics AI and advanced data analytics solutions, the Auto-Save feature is the first of its kind to be launched by a bank in Indonesia and Southeast Asia, and aims to help UOB’s customers in Indonesia to save more effortlessly. The new feature launch is also an expansion of the strategic long-term partnership between UOB and Personetics, the leading global provider of financial data-driven personalisation, customer engagement, and advanced money management capabilities for financial institutions.
Leveraging AI and machine learning models, the Auto-Save feature on the TMRW mobile banking app is personalised to each individual. The models analyse and predict each customer’s past, current and future spending patterns, income, and everyday transactions to find safe-to-save money (i.e. excess amounts above average/typical cash outflows level). The app will then automatically move such variable amount of monies into customer’s TMRW savings account to earn higher interest while still ensuring sufficient balances in their current account for any required payments or outflows.
The Auto-Save feature is a demonstration of adaptive banking, catered to each customers’ unique behaviour to help them save effortlessly.