Strands PFM tool goes live at Bank of Georgia

Source: Strands

Bank of Georgia has launched mBank, an AI-powered retail banking solution, in a move to provide its customers with an innovative and personalized digital banking experience.

The new smart personal finance management (PFM) tool, developed by Strands, will empower the bank’s customers by equipping them with the necessary tools to track their spending and get a complete—and categorized—view of their finances, income, and expenses.

Autonomous PFM is a new breed of retail banking that understands the individual needs of each customer and provides them with relevant insights, created through machine learning technology. The solution allows consumers to control their money and better manage their finances, while it also helps banks to engage with customers on a new level, offering them a brighter financial future.

Bank of Georgia’s proactive money management tool includes an automatic transaction categorization feature, which allows customers to monitor expenses and income over a given period of time in terms of categories and sector (for example, food, transport, utilities, etc.)

To access this data, users just have to select the “Statistics” tab in the navigation menu after a successful authorization in mBank. Besides, customers can monitor the dynamics of their income and expenses over the months by accessing the calendar page, where they can even evaluate which days were profitable, and which weren’t.

“Putting personal finance management at the heart of digital banking gives way to smart, personalized recommendations and advice. Our new PFM, will greatly simplify financial management for our clients, and it will help them make the right financial decisions,” says Bank of Georgia’s CEO Archil Gachechiladze.

“With this partnership, Bank of Georgia has showcased once again its innovative, customer-centric approach to banking. This is the first time that a financial institution in the Caucasus region launches an AI-powered money management solution,” says Erik Brieva, CEO at Strands.

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