Metro Bank has gone live with Insights, its in-app money management tool which uses artificial intelligence (AI) to generate tips and alerts.

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 when they have been charged twice for the same item.

Paul Riseborough, chief commercial officer at Metro Bank, said: “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.”

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

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