UOB harnesses AI to boost its mobile banking offering with Mighty Insights
United Overseas Bank (UOB) has launched Mighty Insights, an artificial intelligence (AI)-based digital banking service designed to make managing finances a much simpler and smarter task.
Mighty Insights will allow UOB to anticipate and proactively offer insights that enable its customers to track their savings and expenses more easily, and guide them to the most relevant financial solutions that can meet their financial needs.
It does this by utilising advanced data analytics, machine learning and pattern recognition algorithms to determine the best solutions for its customers, based on their different life stages and their varied financial needs and lifestyle priorities.
The digital service is driven by the same digital capabilities used by TMRW, ASEAN’s first digital bank designed for the digital generation, as well as UOB’s proprietary AI-driven predictive analytics engine.
“We wanted to sharpen the information that we provide our diverse customer base so that it is always relevant and personalised to each individual. To do so, we developed a predictive analytics engine driven by AI and machine learning and integrated it with best-in-class digital engagement solutions used by TMRW,” explained Aaron Chiew, Head of Digital and Mobile, Group Retail, UOB.
“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,” Chiew says, adding that Mighty Insights is another example of how UOB is using technology to transform the banking experience for its customers.
“Our focus at UOB is always to create a delightful banking experience for each individual by ensuring that we have one seamless conversation with them across all channels, from the branch to the mobile phone.”
“Gone are the days of worrying about a duplicate charge, whether refunds have been made, paying for a subscription you have forgotten about or wondering why your account has less money than usual. 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,” Chiew added.