How Huntington Bank Has Quietly Become a Digital Powerhouse

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’s new AI-driven tool plugs a savings gap

  • “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.”

AI Savings Tools Help Financial Brands Boost Organic Deposit Growth

  • “Nearly half of U.S. banks saw a decline in deposits in 2017, according to The Wall Street Journal.
  • the top three U.S. banks — JPMorgan Chase, Bank of America and Wells Fargo — captured 45% of all new checking accounts in the U.S. in 2017
  • Since 2016, U.S. digital banks have achieved a 14.2% deposit growth rate, compared to 5.4% for traditional banks.”

Jody Bhagat

President of Americas at Personetics

Personetics –

A vendor stepping up with ai for business banking

  • Personetics brings AI to small business banking
    • “As many as 90% of small business owners would like to conduct their banking activities digitally, but only 41% do it today.
    • Two-thirds of the respondents want online cashflow management, forecasting, and budgeting tools from their bank.
    • Only 14% are currently getting financial guidance from their bank.
    • ‘Small business banking is poised to become the next frontier for AI-driven customer experience,’ said Alenka Grealish, Senior Analyst at Celent Banking Practice.”

  • Company Information

    Personetics –

    David Sosna, Co-founder and CEO

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    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 personalises advice with Insights

    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.