AI-based service to help UOB customers manage finances

The Mighty Insights service involves analysing the way customers use their accounts so UOB can better anticipate their needs.
The Mighty Insights service involves analysing the way customers use their accounts so UOB can better anticipate their needs.PHOTO: ST FILE

United Overseas Bank (UOB) has started an artificial intelligence (AI)-based digital banking service to help customers better manage their finances.

The Mighty Insights service, as it is called, involves analysing the way customers use their accounts so UOB can better anticipate their needs.

Notification cards for individual customers will then be displayed on the bank's Mighty app.

If someone makes regular payments for a subscription-based service such as Netflix, for example, he will be alerted when the upcoming payment is due, if subscription fees have increased or if a trial subscription is ending.

This will allow customers to budget accordingly.

Different cards can also provide a customer with restaurant suggestions gleaned from previous credit card spending.

The service is being rolled out in stages and should be available to all users of the UOB Mighty mobile banking app by the end of this month, said the bank in a statement made public today.

 
 
 

It will then be introduced across UOB's regional network next year, starting with Malaysia, the bank said.

UOB, which tested the service during a two-month pilot earlier this year with 400 customers, has created more than 100 types of insights.

"With the power of AI, we can analyse all the transaction data we have available, turn that information into meaningful insights and provide guidance on the most suitable financial solution for each of our customers," said Mr Aaron Chiew, UOB's head of digital and mobile for group retail.

A version of this article appeared in the print edition of The Straits Times on November 11, 2019, with the headline 'AI-based service to help UOB customers manage finances'. Print Edition | Subscribe