United Overseas Bank Malaysia (UOB) has launched Mighty Insights, an artificial intelligence (AI)-based digital banking service to help their customers better manage their finances. Malaysia is the second market to launch Mighty Insights.

The service is driven by the same digital capabilities used by UOB’s proprietary AI-driven predictive analytics engine and TMRW, UOB’s digital bank.

With this latest update, customers will receive personalised insights based on their banking and spending patterns, enabling them to track and to manage their savings and expenses. Mighty Insights will also guide them to relevant financial solutions that can help them meet their financial needs.

Mighty Insights is said to use advanced data analytics, machine learning and pattern recognition algorithms to determine the best guidance it can provide its customers who span different life stages and have varied financial needs and lifestyle priorities.

Mr Ronnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia said,

“We designed Mighty Insights to anticipate our customers’ banking needs and to offer them the most suitable financial solutions to help them save and spend wisely. Driven by AI and machine learning, Mighty Insights enables customers to track their day-to-day spending conveniently and to view easily the categories they have been spending on the most.

 

With the help of these meaningful insights, customers can track their finances better and learn to anticipate their cash flow needs for the month. Mighty Insights also offers suggestions on how to increase savings and to reduce debt, helping our customers to gain greater control of their finances,”

UOB Malaysia tested and refined the insights harnessed through this AI-driven engine during a two-month pilot with 200 customers.

UOB Malaysia’s other enhancements to its UOB Mighty app include the incorporation of the DuitNow Quick Response (QR) code payment function so that customers only need to scan a QR code to transfer funds or to make payments simply and safely.

UOB has also launched Mighty Coupons which is a new rewards category under the Mighty Lifestyle section that offers dining, shopping and travel deals and cash rebates from various merchants every Friday.