Metro Bank has announced the forthcoming release of its market-leading AI-powered money management service, Insights. Developed with Personetics, it will transform customers’ ability to manage their finances and help them to achieve their financial goals. Launching this summer, it will be available through the bank’s award-winning app to all personal customers.
Using predictive analytics capabilities, alongside AI, Insights continuously monitors transaction data and patterns in real-time, in order to identify relevant trends and events in users’ spending habits. These are then translated into tailored prompts, providing customers with more control over their finances.
Whether it’s giving customers a heads-up about an auto-renewing subscription, meaning they have the choice whether they want to continue with the service; or alerting customers to out of the ordinary spending activity, helping them steer clear of avoidable fees, Insightshas it covered.
Craig Donaldson, CEO at Metro Bank said: “We’ve all been there when you forget to cancel a free trial and end up accidentally subscribing for another month, or you leave a cafe only to realise you’ve mistakenly been charged twice for the same cup of coffee. Insights is about being on the front foot; cutting through the noise to provide relevant and timely tips that make a real difference to customers. This is yet another example of us using technology to make peoples’ lives easier.”
David Sosna, Co-founder and CEO of Personetics added: “We are excited to work with Metro Bank and be part of the transformation they are bringing to British banking. The revolution in banking starts with putting the customer first, and banks that embrace this path forward will be well-positioned to win customers’ trust and earn their business.”
Other helpful tips and alerts cover duplicate and large transactions; low balances; irregular bill amounts; and detailed purchase analysis, with more cutting-edge features due to be released over the coming months.