back Back brings bank statement analysis tool to track customer expenses

By Gloria Mathias

July 05, 2024

  • AI
  • Analysis Tool
  • APAC news
Share, Australia’s loan comparison platform and broker, has introduced a bank statement analysis tool to help its customers track their spending.

The new tool presents customers with a bank statement analysis report as part of the loan process. The reports provide thorough insight into customer spending habits and help them make informed decisions that support their financial goals.

The reports provide an overview of the customer’s bank accounts and graphs comparing income and expenses. They also provide a breakdown of expenses by category and compare customer spending to the average in a wide range of categories. The reports also help customers understand how they manage their money in relation to the day they are paid and include a subscription evaluation tool so customers can keep track of their subscriptions.

Additionally, it includes AI-generated insights on spending patterns and provides practical support for managing spending. For example, a customer whose bank statement analysis reported a relatively large percentage of spending on fast food was recently provided with a discount code for a healthy meal delivery service.

“The goal is to support Australians. We’ve streamlined and simplified the application process so that it only takes a few minutes to apply for a loan and is as easy as checking out in an online store,” said Founder and CEO Julian Fayad. “Accessibility and transparency for Australian borrowers have always been key motivators for us. Our technology displays loan options to a customer that they are actually eligible for and that are most likely to be approved, with no hidden fees. The entire process is supported by our human brokers, who are masters of their art and let customers know they are supported the entire way through.”

“We are always coming up with new ways to support Australians to reach their financial and personal goals and fulfill their dreams. We have been excitedly developing this new feature. We are thrilled to take it to the market now and let our customers enjoy a new level of transparency, service, and financial management,” added Fayad.

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