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UOB unveils AI-driven financial management tool on mobile app ahead of holidays

The United Overseas Bank (UOB) has launched Mighty Insights, an artificial intelligence (AI)-based digital banking service to make it simpler and smarter for its customers to manage their finances. It will be available to all its mobile app users in Singapore this month, followed by Malaysia next year. The bank will subsequently roll out Mighty Insights to other countries in which it has a retail banking presence, including Indonesia and Thailand.

According to a press release, Mighty Insights will provide “insight cards” that enable its customers to track their savings and expenses, as well as guide them to relevant financial solutions. For example, UOB customers who make regular payments for subscription-based services will be alerted when the upcoming payment is due, if subscription fees have increased or even when their trial subscriptions are ending. These “cards” are found on the home screen of the bank’s mobile app, UOB Mighty and customers can view them upon logging in.

Mighty Insights uses advanced data analytics, machine learning and pattern recognition algorithms to determine the  financial needs and lifestyle priorities of its customers who span different life stages. It is driven by the same digital capabilities used by UOB’s digital bank, TMRW as well as its proprietary AI-driven predictive analytics engine.

The roll-out of the digital service comes ahead of the holiday season to give customers a consolidated view of expenses made on their credit cards while they were travelling. Travel-related expenses is UOB’s top spend category, accounting for 15% of all spend made on UOB credit and debit cards.

Aaron Chiew, head of digital and mobile, group retail, UOB said Mighty Insights is an example of how UOB is using technology to transform the banking experience for its customers. It enables the bank to have a “seamless conversation” with them across all channels. The new service also aims to sharpen the information provided to UOB’s diverse customer base so that it is always “relevant and personalised” to each individual.

“Instead of having to call the bank or to go down to the branch, our customers can rely on Mighty Insights’ daily prompts to track their finances with greater peace of mind and to have better control in the way in which they spend and save,” he explained.

UOB tested and refined the insights harnessed through its AI-driven engine during a two-month pilot with 400 UOB customers. The pilot saw Mighty Insights continuously learning from customers’ feedback to understand their needs deeper. More than four in five customers in the pilot programme said they were “highly satisfied” with their digital banking experience on UOB Mighty, according to UOB.

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