UOB Malaysia has launched the country’s first AI-based digital banking service, Mighty Insights, in a bid to help its customers manage their finances more simply and effortlessly. Incorporated within the bank’s UOB Mighty mobile banking app, the service is one of the several new features to be added to the banking app for better security, convenience, and user experience.
According to UOB, Mighty Insights is designed to help you receive personalised insights by analysing your banking and spending patterns, as well as to point you to financial solutions that are relevant to your needs. It relies on advanced data analytics, machine learning, and pattern recognition algorithms to provide personalised guidance for customers coming from different lifestyles and stages of life. Mighty Insights also shares the same digital capabilities used to power UOB’s TMRW, ASEAN’s first mobile-only digital bank that is currently available in Thailand and Indonesia.
One benefit offered by Mighty Insights is the ability to get a consolidated view of your average monthly expenses made on your cards for different spending categories over the past five months. With this, it will be easier for you to view and track your cash inflow and outflow, instead of having to trawl through multiple card statements and manually doing your own analysis.
Customers who make regular payments for subscription-based services will also receive alerts via Mighty Insights when the upcoming payments are due. Moreover, you will be notified if there are upcoming changes to these payments, such as an increase in subscription fees or if your trial subscriptions are ending.
On top of that, the new feature will also inform you whenever you make payments to a new merchant or if your current balance is unable to cover your usual expenses. You may also see prompts that identify opportunities for you to grow your savings, especially when you hit a specific threshold of money in your bank account.
Additionally, Mighty Insights is able to identify and adapt to your preferences over time when you provide feedback to the insights shown to you by rating them. This helps the service to offer content that best meet your banking and lifestyle priorities.
Prior to this launch, UOB said that it has tested Mighty Insights in a two-month pilot programme with 200 customers in Malaysia. The programme saw success as customers rated the service as one of the top five features in its UOB Mighty mobile banking app. Malaysia is the second market to see the launch of Mighty Insights, with Singapore being the first in 2019.
Aside from Mighty Insights, UOB has also enhanced its mobile banking app with several other new features, including the incorporation of the DuitNow QR code payment function. The bank also launched a Mighty Coupons feature in the app, where you can find various dining, shopping, and travel deals, as well as cash rebates from selected merchants every Friday.
Lastly, UOB also redesigned the app’s user interface to ensure that payment-related functions are now even more easily accessible. For instance, the DuitNow QR payment function and the UOB Mighty Secure (a digital security token for the authentication of transactions above RM10,000 via the app) can be accessed from the home screen of the app.