Delivering the next generation of money management with Fuflow
We’ve partnered with Fupay to offer Fuflow, a predictive money management tool that’s already been tried, tested and loved by +140,000 users of the Fupay app.
Our partnership with Fupay means that Fuflow is now available as a white-label solution that can be integrated in as little as 6 weeks to help financial institutions deliver the next generation of money management.
From data aggregation to data-driven automation
By combining a customer’s live financial data into one view, traditional money management apps help inform customers on their financial position. However, most money management tools only give a retrospective view of a customer’s money. This leaves customers a step behind when it comes to their personal finances.
As fintechs increasingly turn their attention to data-driven automation to help consumers make better financial decisions, ongoing access to aggregated and categorised financial data is more important than ever before. The Fuflow solution leverages the unique combination of Basiq’s Open banking platform as well as Fupay’s unique machine learning algorithms in order to accurately predict future income, bills and spending with 95% accuracy.
How it works
With a customer’s consent, Basiq collects up to two years of transaction data across all of a customer’s bank accounts. Fupay is then able to apply unique machine learning algorithms to this data, to provide accurate predictions and actionable insights on that customer’s financial position. By forecasting net cashflow across future pay cycles it’s possible to show users not only where they are heading, but also the future impact of their spending and saving decisions.
The combined ‘Fuflow’ solution has already been proven and loved by over +140,000 users within the Fupay app and is now available as a white-label solution to financial institutions who want to differentiate themselves and better engage with customers.
“We’ve done all the heavy lifting in the three years we spent building and perfecting our technology and we know the solution already works and resonates with customers based on the engagement in our own Fupay app”
Jess Joyce, Strategic Partnerships @ Fupay
Basiq’s status as an Accredited Data Holder under the Consumer Data Right (CDR) also means that Fuflow will be able to incorporate access to CDR data in the transition to Open Banking.
“At Basiq, we’ve been providing some of Australia’s leading fintechs with consumer-consented access to transaction data since 2017. Through this process we’ve developed expertise in how that data should be securely shared and treated. Combined with our CDR accreditation, we offer wide and reliable coverage that gives a clearer picture of customer finances across all their financial providers.”
Chris Smith, Head of Sales @ Basiq