UK bank rolls out AI-powered money management tools

The bank provides its business customers with new solutions

Metro Bank

UK bank rolls out AI-powered money management tools. Source: shutterstock.com

Metro Bank has launched a technology allowing businesses to capture, store, and link receipts to transactions in their mobile business app.

This new feature is a result of Metro Bank’s collaboration with Canadian technology firm Sensibill.

This solution is currently available for iOS devices, but it will also be rolled out to Android customers in the coming weeks. It requires no sign-up and is completely free for Metro Bank business customers.

According to the report, receipts are captured using the customer’s smartphone camera.

Then, the bank’s app uses AI and machine learning to reconcile the receipt to the customer’s transaction history automatically, with VAT identified from the receipt so it can be auto-populated.

Metro Bank understands that small businesses and gig workers need a better, simpler way to track their finances and manage expenses. By leveraging our solution, the bank’s small businesses can regain hours once lost to analyzing paper receipts and run their businesses more effectively, which is especially critical in light of the pandemic. This partnership reflects Metro Bank’s deep dedication to providing advanced technology and support to help the people they serve succeed financially, both now and in the future
Corey Gross, co-founder and CEO of Sensibill

We’ve reported that Metro Bank has agreed to acquire RateSetter for an initial price of £2.5 million. The bank will pay £0.5 million over 12 months after completion subject to the satisfaction of certain criteria and £9 million payable on the third anniversary of the completion of the transaction.

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