Upworth releases its free AI powered budgeting and cash flow management tool leveraging Open Banking
Australian fintech Upworth released its free AI powered budgeting tool, allowing Australians to easily analyse and manage their income and expenses across banks and accounts, set goals and track achievement.
A few of its characteristics make it stand out in the industry:
All transactions across banks and accounts are connected in one place for a single consolidated view
Internal transfers are automatically picked up based on connected accounts and excluded from the expense base
AI and machine learning lead to improved categorization results across 18 parent categories. "Unknown" or "Uncategorized" are no longer the biggest expense bucket.
Upworth supports worldwide categorization: transactions are categorised both in Australia and overseas. Indeed, many banks rely on Australian transaction codes, which don’t work for overseas transactions - Upworth AI goes beyond.
The tool allows target setting and tracking at category level for increased actionability (a single high-level expense goal can´t be worked with).
It implements learnings from behavioural theory to help maximise impact for users. For instance, it prevents users from modifying past expense targets and measures target attainment and consistency to help users adopt stickier habits and win.
All data and transactions are actualized daily for real world responsiveness. A bad month can be turned around.
The sorting function allows users to review and analyse expenses diligently and single out their big ticket items.
Once a user has created an Upworth profile and connected a bank account, Upworth will automatically categorise the transactions of the last 3 months and provide all the insights on these past transactions, on top of continuing to track ongoing flows.
Upworth powers its budgeting tool through the Consumer Data Rights (CDR), Australia's official Open Banking. CDR works. Upworth delivers on its promise to safely bring its benefits to all Australians.
