British high street challenger bank Metro Bank has today announced it will be revealing a new feature this summer: an Artificial Intelligence (AI) powered money management tool, named Insights.
The tool will be made available via an integration into Metro Bank’s existing online banking app, where AI-based software will analyse transaction data in real time to make recommendations to users based on their spending behaviour.
Powered by fintech vendor Personetics’ Cognitive Banking Brain, customers will be notified when important events or changes happen in their account to help them better manage their spending, avoid unnecessary charges or take advantage of opportunities to make savings.
"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,” said Craig Donaldson, CEO of Metro Bank.
“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.”
Unlike its more digitised challenger companions, Metro Bank does not currently offer real-time notifications on every day transactions, but today’s announcement of a partnership with Personetics marks its first step towards competing with the likes of Monzo and Revolut.
David Sosna, Co-founder and CEO of Personetics commented: "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.”