British challenger Metro bank has rolled out an in-app money management tool dubbed Insights, which uses AI to generate tips and alerts for personal mobile customers to manage their money more effectively.
Developed with Personetics, the new feature uses predictive analytics capabilities to continuously monitor the users’ spending habits in real-time, which is then translated into tailored prompts and tips to help customers avoid unwanted charges.
Paul Riseborough, chief commercial officer at Metro Bank 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.”
David Sosna, Co-founder and CEO at Personetics: “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. Metro Bank’s Insights delivers immediate value to customers and provides an important step towards a future of self-driving finance that positions the bank as a trusted advisor to the customer.”