Published: September 21, 2018
As challenger banks continue to disrupt the banking landscape, they are harnessing new technologies in a way the incumbents can’t match. But where are they making the biggest investments and why? Abi Millar reports.
In April 2018, Metro Bank announced the release of an industry-first feature – a money-management service powered by artificial intelligence. The feature in question, Insights, will be able to analyse users’ spending patterns and spot trends and irregularities in their finances.
This might involve alerting customers to an auto-renewing subscription (so they can cancel it if need be) or flagging up a duplicate transaction (such as when you’re charged for the same cup of coffee twice).
As Metro Bank’s head of digital, Alex Park, tells EMEA Finance, the feature will go live this summer on their personal banking app.