Metro fights back against fintechs with AI money management tool

By Ryan Weeks on Thursday 11 October 2018

Editor's PickDigital Banking

The challenger bank has launched a new in-app service called Insights.

Metro Bank has unveiled a new AI-powered money management tool, which will form a core part of its app offering.

The opt-in tool, named Insights, uses artificial intelligence (AI) to generate bespoke tips and alerts. After analysing a user’s spending patterns, the tool is able to suggest prompts to fit their circumstances.

Those prompts might include notifying users that they don’t have enough money in their account to cover predicted spending, that the amount of money they pay to a regular service provider has changed, or that they've paid twice for the same item.

Insights will also feature a breakdown of monthly spending and categorisation – both of which are bog-standard within the nascent neo-banking sector.

The bank first announced that it would launch Insights in April this year.

Paul Riseborough, chief commercial officer at Metro Bank, said in a statement: “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 somewhat straddles digital and high street banks. It has a substantial and expanding branch network. However, having become the UK’s first newly-licensed bank in over a hundred years as recently as 2010, the bank is also free from the legacy tech problems that hamper their incumbent rivals.

Metro’s CEO Craig Donaldson has often identified the integration of tech and physical infrastructure as the bank’s key focus.


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