- “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.”
- “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.”
President of Americas at Personetics
Personetics – http://personetics.com
- “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.”
Personetics – https://personetics.com
David Sosna, Co-founder and CEO
RBC wins Model Bank Award for Personal Financial Experience
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 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.