Fantastic article by Financial Brand on the success of digital at Huntington Bank. Shout-out and kudos to Ellen Johnson and team !!!
“It has launched more than 100 digital products since 2018, and has invested heavily in the modern technology infrastructure needed to support that kind of digital advance. For 2021 management has committed $150 million for further digital development.
“Money Scout,” an automatic, AI-driven savings tool, was introduced into the bank’s digital lineup in August 2020. During a November webinar conducted by Personetics, the vendor the bank works with for Money Scout and other AI-driven tools, a bank executive said that since the launch, “close to 10,000 customers had signed-up and a few million had already been saved.” On average, Money Scout moves about $100 to savings per month per user, according to the bank.
The capabilities in total resulted in Huntington’s mobile app being ranked highest among regional banks in J.D. Power’s Banking Mobile App Satisfaction study for 2019 and 2020.”
“Huntington Bank launched an automated savings feature, per American Banker, augmenting its digital banking rethink from several years ago centered around budgeting, cash flow analysis, and goal setting.
Huntington’s sweep feature maxes out at $150/week, which adds up to nearly $8,000/year.”
How AI and Big Data will Transform Banking in 2019
Metro Bank is already doing that with Insights, an in-app money management tool that gives customers complete control of their finances. It alerts customers when there’s not enough money to cover a likely spend, recommends a top up before an automated payment is due, flags if a customer has accidentally been charged twice and alerts the customer when there has been any kind of unusual activity.
Metro Bank has gone live with Insights, an in-app money management tool, which uses artificial intelligence (AI) to generate bespoke tips and alerts.
The feature was developed with Personetics, a developer of an opt-in tool for predictive analytics of users’ spending patterns.
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.