Metro Bank is poised to revolutionise digital banking with its forthcoming artificial intelligence (AI) powered finance management service, Insights. Metro claims this move “will transform customers’ ability to manage their finances and help them to achieve their financial goals.”

The new AI management service will provide customers with finely tuned assistance and detailed insight when dealing with their finances, such as reminders of subscription renewals. How many times have you signed up for a free trial and forgotten to cancel it.

Metro’s AI-powered service could help you keep tabs on such things and will offer customers deeper insights into how they are spending, what they’re spending on and keep constant track of spending habits. The app will give customers a convenient heads-up about auto-renewing subscriptions, meaning they have the power to choose whether they want to continue with the service or scrap it. Additionally, Insights will alert customers to odd spending activities and potentially help people avoid fees and charges.

Banking Revolution

Industry rivals in the mobile banking sector have been talking about similar services for some time. In 2015 challenger bank Monzo showcased this potential feature as a staple aspect of its future services. Since then, however, no industry rival has been able to provide the same type of automated service or account analysis as Metro Bank has promised.

The app will utilise predictive analytics capabilities alongside AI to monitor transaction data and patterns in real-time; through this it can identify trends and events in users’ spending habits. These trends are then used to provide tailored prompts to customers, ultimately giving them deeper insights and greater control over their finances. Metro Bank claims that the initial services provided by the AI management system will continue to develop over the coming months, with more ‘cutting-edge features’ being added in due course.

Craig Donaldson, CEO at Metro Bank says Insights is: “yet another example of us using technology to make peoples’ lives easier.”

He claims that the app will simplify spending habits and help solve a myriad of financial issues that people deal with in their day-to-day lives:

“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.”

As Britain’s first high street bank for over 150 years, Metro bank appears to be leading a revolution in challenging the existing British banking sector. The Insights project with Personetics brings innovation to the forefront.

Over the last 18 months the bank has redesigned its app – building an award-winning product. Through Insights they plan to further overhaul the conventional methods of mobile banking and delve  deeper into AI-based solutions for our financial headaches.

Innovation Through Cooperation

Personetics – an Israel-based digital banking firm – has been pioneering AI-based banking solutions. The company’s Cognitive Banking Brain is used by some of the world’s largest financial institutions to revolutionise everyday banking into a finely-tuned, personalised service that helps customers take control of their spending.

The company claims it utilises a ‘unique combination of built-in financial intelligence and advanced cognitive capabilities’ and that its services are providing ‘real-time personalised guidance, automating financial decisions, and simplifying money management.’

David Sosna, Co-founder and CEO of Personetics says the firm is excited to work with Metro Bank and that its focus is on offering customers a unique banking experience using innovative technology. He said: “We are excited to work with Metro Bank and be part of the transformation they are bringing to British banking. The revolution in banking starts with putting the customer first, and banks that embrace this path forward will be well-positioned to win customers’ trust and earn their business.”