Europe Fintech

Metro Bank Announces More AI-Powered Money Management Tools for Business Customers

Metro Bank has revealed fresh features on its mobile app, which will business customers with new receipt management technology. The new details are currently available for customers using an iOS device, and the new technology will also be rolled out to Android customers in the coming weeks.

The receipt management technology enables businesses to capture, store and link their receipts to transactions in their mobile business app. Receipts are captured using the customer’s smartphone camera. Metro Bank’s app then uses artificial intelligence and machine learning tools to reconcile the receipt to the customer’s transaction history automatically, with VAT identified from the receipt so it can be auto-populated. The rollout to all Metro Bank business customers follows a successful beta-trial of the software last year.

Canadian technology firm Sensibill is partnering with the Bank to offer this new feature, which requires no sign-up and is completely free for Metro Bank business customers.

Research has indicated that small businesses in the UK lose 15 days of paid work a year, spending two hours each week retrieving company expenses.1 Metro Bank’s in-app technology is designed to ease the burden of manual receipt management for its SME customers.

Fully-integrated with Metro Bank’s app, business customers with be armed with essential money management tools they can use on the go from anywhere they choose.

David Thomasson, Chief Commercial Officer at Metro Bank, adds: “We’re thrilled to partner with Sensibill to provide our business customers with essential money management tools, easily accessible from our mobile app. These will empower SMEs to free up time in a way that wasn’t possible before, to spend running and growing their businesses.

“So many small businesses are facing uncertainty because of coronavirus. We want to keep delivering new tools for our customers that can make managing their money a little easier, especially at such a difficult time.”

Corey Gross, co-founder and CEO of Sensibill, commented: “Metro Bank understands that small businesses and gig workers need a better, simpler way to track their finances and manage expenses. By leveraging our solution, the bank’s small businesses can regain hours once lost to analysing paper receipts and run their businesses more effectively, which is especially critical in light of the pandemic. This partnership reflects Metro Bank’s deep dedication to providing advanced technology and support to help the people they serve succeed financially, both now and in the future.”

Author

  • Gina is a FinTech journalist (BA, MA) who works across broadcast and print. She has written for most national newspapers and started her career in BBC local radio.

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