UOB Malaysia launches first AI-powered digital service on its mobile banking app
United Overseas Bank (UOB Malaysia) has launched Mighty Insights, the country’s first artificial intelligence (AI)-based digital banking service to make it simpler and smarter for customers to manage their finances via the Bank’s all-in-one mobile banking app, UOB Mighty. With this latest innovation to UOB Mighty, customers will receive personalised insights based on their banking and spending patterns, empowering them to track and to manage their savings and expenses effortlessly. Mighty Insights will also guide them to relevant financial solutions that can help them meet their financial needs.
Mighty Insights uses advanced data analytics, machine learning and pattern recognition algorithms to determine the best guidance it can provide its customers who span different life stages and have varied financial needs and lifestyle priorities. The service is driven by the same digital capabilities used by UOB’s proprietary AI-driven predictive analytics engine and TMRW, ASEAN’s first digital bank designed for the mobile-first, mobile-only generation. Malaysia is the second market to launch Mighty Insights.
Mr Ronnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia (pic) said that Mighty Insights is yet another example of how the Bank is harnessing technology to make banking more engaging and personalised for its customers.
Customers can also access a consolidated view of their average monthly expenses made on their cards for different spending categories over the past five months. This helps customers to view and to track their spending easily using UOB Mighty instead of having to search multiple card statements. In addition, customers will be alerted through Mighty Insights when a payment is made to a new merchant or if their current balance is not able to cover their usual expenses. This helps customers to keep track of their spending activities.
The Bank has also launched Mighty Coupons on its mobile banking app. It is a new rewards category under the Mighty Lifestyle section that offers dining, shopping and travel deals and cash rebates from various merchants every Friday
“Consumers always love a good bargain and with Mighty Coupons, our customers can search for the latest dining, shopping and travel offers easily. They can then grab their preferred deals with a simple click on the app. The introduction of Mighty Coupons is in line with the Bank’s efforts to create products and services that match the lifestyle choices and preferences of our customers,” Mr Lim said.