Spanish EVO Banco has launched a new AI-enabled geolocation service to track digital purchases, automatically categorize them and view the sustainability footprint of all merchants involved.
Spanish challenger, EVO Banco has partnered with Snowdrop Solutions, a UK-based company specialising in location-based data analysis, to improve fraud prevention and transparency among its customers with the new purchase mapping tool.
The new geolocation service will show EVO Banco customers where and when exactly they made transactions, showing the place on Google Maps, and displaying logos along with merchant names. The new feature is supposed to add transparency to customers’ payment history. The bank’s clients can now monitor their visualized transaction history to identify unauthorised payments with ease.
Besides, the banking app automatically categorizes all the transactions so that the customers have a clear picture of their spending habits and can understand their finances better. Moreover, the new tool shows sustainability footprint metrics for all merchants that adhere to the United Nations Sustainable Development Goals. It gives clients acknowledgement of their environmental impact, which is very important in times when customer demand for sustainability banking tools far exceeds supply.
The new service is available to all EVO customers free of charge. It was added to the Google Maps service previously available at EVO to geolocate all ATMs in Spain for cash withdrawals and deposits. The new geolocated shopping tool is expected to assist “millions of users in Spain who call their bank every day because they do not understand the movements of their accounts.”
Earlier, EVO Banco tapped AI developed on Google Cloud to create a Spanish AI voice assistance service for its customers.