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Metro Bank Launches AI-Powered Money Management Tool

10th October 2018

Metro Bank, the revolution in British banking, has today gone live with Insights, its highly anticipated in-app money management tool. Using artificial intelligence (AI) to generate bespoke tips and alerts, Insights enables personal mobile customers to manage their money more effectively.

Developed with Personetics, the opt-in tool applies predictive analytics to users’ spending patterns, which is then translated into tailored prompts. As well as alerts that anticipate customers’ spending, users will be able to see a breakdown of where their money goes each month, delve into individual spending categories, and receive bespoke tips about how to manage their finances, based on their specific circumstances.

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.”

David Sosna, Co-founder and CEO at Personetics: “Innovative banks such as Metro Bank bring a fresh breath of air to high street banking and beyond, leveraging the power of AI to simplify everyday banking and put customers in control of their financial lives. Metro Bank’s Insights delivers immediate value to customers and provides an important step towards a future of self-driving finance that positions the bank as a trusted advisor to the customer.”

The tool launches with more than 20 individual insights, with more set to be rolled-out over the coming months.