Branch-based challenger Metro bank has launched Insights, a long-flagged in-app money management tool developed in concert 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.
The in-app alerts include informing customers when — based on previous months’ activities — there is not enough money in their account to cover likely spend; when there has been a change in the amount of money paid to a regular supplier; and flagging to customers when they have been charged twice for the same item.
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.”