UK-based Metro Bank has launched its AI-based in-app account insights tool for business customers, Business Insights, in collaboration with AI FinTech Personetics. The new tool, as the supplier states, will facilitate data-driven decisioning and management of cash flow and payment obligations for businesses.

Paul Riseborough, Chief Commercial Officer at Metro Bank commented, “Business Insights marks the start of our journey to deliver the Capability & Innovation programme, and we’re well on our way to delivering more digital innovations to SMEs up and down the country. The tool uses AI-powered technology to make banking easier and help business owners save time managing their finances, so they can focus on running and growing their businesses.”

According to the supplier, the business insights comprise end-of-month cash flow analysis, notifications when latest payments to service providers are higher or lower than normal, and notifications about upcoming scheduled payments. The service has been made available to Metro Bank’s customers post an initial beta launch.

David Sosna, Personetics co-founder and CEO said, “We are delighted to partner with Metro Bank on the launch of Business Insights. Small businesses need help managing their finances, a need that is only continuing to grow with the explosion of the gig economy. Banks such as Metro Bank that step up to the plate by delivering proactive and easy-to-access insight and advice will position themselves as the providers of choice for these small businesses.”

The bank had previously partnered with Personetics for launching Insights for personal customers. The Business Insights follows Metro Bank’s goal of boosting SME operations post its £120 million funding from the Capability & Innovation Fund.

by Megha Bhattacharya
Market Analyst at IBS Intelligence