Metro Bank Business Insights is now live. Using AI to generate bespoke tips and alerts, the in-app tool enables business customers to manage their money more effectively.
In particular, Metro Bank Business Insights enables businesses to make more data-driven decisions. And it helps businesses to manage their cash flow and forthcoming payment obligations better.
Insights include end-of-month cash flow analysis and notifications when latest payments to service providers are higher or lower than normal. Notifications also include details of upcoming scheduled payments.
The development is part of Metro Bank’s efforts to inject competition into the SME banking sector. In February, Metro was the clear winner in the first awards from the Banking Competition Remedies Capability & Innovation Fund.
BCR awarded Metro Bank £120m, Starling £100m and ClearBank £60m. The awards are part of a pot worth £775m dating back to RBS’s £45bn 2008 UK government bailout.
Following an initial beta launch, the service is now available to all Metro Bank business customers.
Developed with tech vendor Personetics, Insights is an opt-in tool. The launch for business customers follows the roll out last October of Metro Bank Insights for retail customers.
Since then, more than 30 million Insights have been delivered to personal customers. with over 85% of Insights rated by customers as highly helpful. The tool is boosting Metro Bank’s mobile banking app ranking, scoring 4.8 out of the 5 in the app store.
Metro Bank Business Insights: ’game-changing’
Paul Riseborough, chief commercial officer, Metro Bank, says: “Life is busy at the best of times, especially if you’re running your own business. That’s why we’re setting out to build a range of game-changing digital capabilities to help SMEs thrive.
“Business Insights marks the start of our journey to deliver the Capability & Innovation programme. 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 it helps business owners save time managing their finances, so they can focus on running and growing their businesses.”
David Sosna, Personetics co-founder adds: “We are delighted to partner with Metro 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.”