By generating smart tips and alerts for customers who opt-in to the service, Business Insights will enable businesses to make more data-driven decisions and help them manage their cash flow and forthcoming payment obligations better.
Insights include 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. Just the sort of helpful insights SMEs need to better manage their business. A full list of functionality is included in the Notes to Editors below.
The development comes as part of Metro Bank’s efforts to inject much needed competition into the small business banking market following the £120 million funding it was awarded from the Capability & Innovation Fund. Following an initial beta launch, the service is now available to all Metro Bank business customers.
In partnership with AI fintech, Personetics, Metro Bank first launched Insights for personal customers, in October last year, generating growing levels of engagement and satisfaction from customers using the service. With more than 30 million Insights delivered to personal customers to date, over 85% of the Insights delivered have been rated by customers as highly helpful – earning four or five stars out of five. Insights has also contributed to greater overall satisfaction from the Metro Bank mobile app, which is now rated 4.8 out of 5 in the app store.
Paul Riseborough, Chief Commercial Officer at Metro Bank, says: “Life is busy at the best of times, especially if you’re running your own business. That’s why at Metro Bank 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, 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.”
David Sosna, Personetics co-founder and CEO, says: “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 tool launches with more than 25 business Insights for business customers. With built-in self-learning capabilities based on AI technology, the service will continue to improve as growing numbers of SMEs use these Insights.
Metro Bank supports tens of thousands of SMEs. It is rated no.2 by the Competition and Markets Authority for overall service by business current account customers. Business current accounts grew by 19% year-on-year to 30 June 2019 and 18% of business current account switchers in London and the South East in Q2 2019 chose Metro Bank.