BMO has introduced a new AI-powered personal financial management solution tool called ‘BMO Insights’ that will be a part of the bank’s mobile app.
The tool uses artificial intelligence to give customers personalized, automated and actionable insights to help them manage their finances and cash flow.
The bank says that BMO Insights is going to provide customers with more than 20 insights tailored to their personal accounts. The insights include guidance on saving money and spending habits.
It is also going to offer customers actionable suggestions to stay on top of their personal finances. For instance, the tool can suggest transferring funds to a savings account if it sees that there is enough money in the customer’s chequing account to cover their expenses.
“With BMO Insights, we’re tapping into the power of AI to deliver personalized insights to mobile banking customers and provide them with a holistic picture of their financial lives. This is a data-driven approach to personal finance that puts the customer in control,” said Brett Pitts, the chief digital officer at BMO, said in a press release.
BMO Insights also has a built-in learning algorithm that is going to be able to select and prioritize better insights for customers over time.
The banks says that the new feature is currently available as a pilot to some Canadian customers, but is scheduled to be available to all Canadians in early 2020.
TD Bank also recently revealed that it is working on an AI-powered tool to deliver more personalized advice and information to its customers through its app.