Branch-based challenger Metro bank is stepping up its digital game with the forthcoming launch of an AI-powered money management service, Insights, developed with Personetics.
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 and tips to help customers avoid unwanted charges.
Craig Donaldson, CEO at Metro Bank says: “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.”
The launch of the new service, slated for release in the summer, comes hard on the heels of the introduction of an online instant account opening service, as the bank begins to complement its branch-based ethos with a slew of new app-based services.
Metro Bank began life in 2010 as the first high street bank to open in the UK in 150 years. An unashamed advocate of the old-fashioned values of high touch banking, Metro's customer-friendly store numbers are expected to reach 110 by 2020.Want to learn more about how AI is upending traditional financial services? Register for Finextra's NextGen Banking London: the AI Revolution conference and hear how some of Europe's top banks are using the technology to radically improve efficiency, risk management and regulatory compliance, and customer service.