BMO Mobile Banking App Testing AI-Powered Insights Feature

Bmo mobile banking 2019

BMO announced this morning its mobile banking apps for iOS and Android will soon get a feature called BMO Insights, powered by artificial intelligence.

BMO says its new feature will “deliver personalized, automated, and actionable insights for everyday banking customers to help them manage their day-to-day finances and cash flow,” according to a BMO spokesperson.

“Across our digital solutions, we are focused on finding ways to provide value for customers and evolving how they interact with their bank,” said Brett Pitts, Chief Digital Officer, BMO Financial Group, in an issued statement. “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.”

BMO says the new Insights feature can provide over 20 insights customized to a client’s personal bank account, detailing ways of saving money, spending habits and also cash flow.

For actionable intelligence, the feature can, for example, suggest transferring extra funds to a savings account, if a chequing account has sufficient funds to cover existing expenses. Powered by AI, the feature will learn over time.

The BMO Insights feature powered by a solution from Israeli FinTech Personetics Engage, is currently being beta tested and is expected to debut in “early 2020”.

Personetics Engage’s AI technology has been powering the NOMI Insights feature within the RBC Mobile Banking apps since 2017.