Research
UOB leverages artificial intelligence to launch what it claims to be an industry-first financial planning solution.
The bank launched «Mighty Insights» to better track customers’ savings and expenses in order to improve financial planning. The new solution will leverage data analytics, machine learning and pattern recognition algorithms to determine the best course of action, accounting for the various life stages, needs and lifestyle priorities of the user.
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, said Aaron Chiew, UOB’s head of digital and mobile, group retail.
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.
According to the bank, the Mighty Insights solution borrows from existing technology at the bank that is used by TMRW, UOB’s mobile-only bank and the first such lender in ASEAN, as well as its predictive analytics engine.
TMRW was launched in March this year to tap into Thailand’s sizeable digital market which is estimated to make up one-third of its total population. According to the bank, TMRW is powered by various solutions provided in partnership by fintech firms, such as Personetics and Meniga, alongside the in-house capabilities of its regional innovation lab.
