Nationwide Building Society is rolling out a new AI-driven data enrichment and categorisation platform that analyses all transactions, from card payments to direct debits, to provide “granular insights” for its 16 million customers.

Through the new technology, developed by Moneyhub, the building society said that its customers will be able to access "richer" transaction details, including merchant identifications such as websites or store specific contact details, as well as location data showing where each payment was made.

Nationwide explained that these details are designed to help customers better manage their personal finance and quickly identify fraudulent transactions.

Sri Kanisapakkam, chief data and analytics officer at Nationwide said that the technology rollout would help to “enrich” the data it is giving back to its customers, enabling the building society to deliver “even more personalised” products and services in the future.

The move comes after the company announced on Monday that it is launching a new call checker service to prevent impersonation scams, providing reassurance to customers that they are speaking to the building society and not a fraudster.

On the company’s banking app, customers can open the call checker when on a phone call, with the screen either confirming it is genuine or that they are not speaking to an employee at the building society.

The launch comes as research from Nationwide shows Brits receive around eight scam calls per month.

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