UOB customers can better manage their finances with the help of AI tools. Source: Shutterstock

UOB customers can better manage their finances with the help of AI tools. Source: Shutterstock

How UOB leverages AI to empower its digital banking customers

UOB has introduced a new artificial intelligence (AI)-powered feature within its mobile banking app.

The move is aligned with the bank’s goal to help its customers manage finances in a more meaningful way.

Dubbed Mighty Insights, the feature can analyze transactional data across digital platforms, learn from them, and generate insights that can help elevate the banking experience provided to customers.

Using AI, the bank will glean through the transactional habits and banking activities of customers on the app to better understand, anticipate, and attend to customers’ needs.

Depending on the cards that UOB customers are using, and keeping the customer’s spending habits in mind, relevant and tailored suggestions will be provided.

The AI-based digital service help customers budget their spendings and keeping track of their expenses as well — allowing the bank to play a larger role in the customer’s everyday life.

A customer that has subscribed to a monthly service of any kind will receive alerts to notify them of an approaching payment, ensuring they’re not charged for missed payments.

The alerts will also notify customers of any increase in the monthly fees and remind them of any trial services that are about to expire.

According to UOB Head of Digital and Mobile for Group Retail Aaron Chiew, AI is key to gaining meaningful insights and can serve as viable financial solutions for the bank as well as the customers.

The service – which was piloted earlier this year and tested out by 400 customers – will be made accessible to all UOB customers by the end of this month.

In fact, the AI-power digital service is expected to launch across the bank’s regional network next year with Malaysia heading the rollout.

As of now, UOB’s AI has managed to come up with more than 100 types of insights.

It is evident that key players – banks and financial institutions alike – across the finance industry have passed the stage of experimenting with AI and are now progressively deploying it to boost operations and services.

Now that data is increasingly valued as an asset and seen as a reliable source of business intelligence, AI is significantly sought after to process mass data and solve problems.

Just like UOB, more banks and financial institutions should aim to be a digital leader in an ever-evolving market to drive transformation efforts across the globe.