Banksalad has launched a “Monthly Money Report” service that lets users check monthly income, spending and changes in net assets at a glance.

Banksalad said on Tuesday it introduced the Monthly Money Report, which analyses a customer’s cash flow over a month and shows changes in money coming in, money going out and remaining funds.

The service is designed for monthly financial routines in which income such as wages comes in and spending and saving take place. It breaks down inflows into wages, financial income and business income, and allows users to check details by date for each item.

It divides spending into fixed and variable costs. Fixed costs include housing and telecom bills, subscription fees, loan repayments and insurance premiums. Variable costs are categorised into food and snacks, shopping and beauty, travel and transport, culture and leisure, and medical and health spending. It automatically classifies spending items using artificial intelligence (AI).

Users can also check how income and spending changed from the previous month. This allows them to identify unnecessary spending and how much money is left each month.

It also provides a visualisation of net asset flows over the past 3 months. It is structured to let users check changes by asset type, including accounts and cash, investments, pensions, pay money, points, real estate and cars.

A Banksalad official said, "We will advance AI analysis to more accurately understand customers' financial conditions and support systematic asset management."