Metro Bank has rolled out its in-app money management tool, dubbed Insights, which uses artificial intelligence (AI) to help personal mobile customers in handling their money more effectively.
The new money management tool is said to generate customized tips and alerts for users.
Developed alongside customer interactions technology provider Personetics, the opt-in tool applies predictive analytics to the spending patterns of users. This is subsequently translated into customized prompts, said Metro Bank.
Personetics co-founder and CEO David Sosna said: “Innovative banks such as Metro Bank bring a fresh breath of air to high street banking and beyond, leveraging the power of AI to simplify everyday banking and put customers in control of their financial lives.”
The Insights money management tool also provides alerts that predict customers’ spending. According to the retail banking company, users will get to see a breakdown of how their money is spent every month.
In addition to that, the money management tool also enables users to dig into individual spending categories, and get tips suiting their specific circumstances on how to manage their finances.
Customers are also notified by the in-app alerts of Insights when they do not have sufficient money in their account to meet their likely expenditure. The alerts will be based on their spending activities in previous months.
Likewise, customers are alerted when there has been a change in the amount of money they have to pay to a regular supplier. The in-app money management tool also notifies customers when they have been charged twice for the same item.
Metro Bank chief commercial officer Paul Riseborough said: “Life is busy at the best of times. Insights is all about using technology to make customers’ lives easier, saving them time and providing a helpful nudge when they need it the most.
“Whether your account needs a top up to avoid you straying into an overdraft, you’re looking for a breakdown of how much you spent on a recent holiday or you simply want to know when you got that refund, Insights makes managing your finances straightforward.”
Metro Bank has currently launched the new AI-based money management tool with 20 plus individual insights and has plans to include more in the next few months.