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UOB Malaysia Launched Mighty Insights to Empower Customers

Updated 23 Oct 2020 – By Team Loanstreet


Recently, United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has launched Mighty Insights, an artificial intelligence (AI)-based digital banking service to make it simpler and smarter for customers to manage their finances via the Bank’s all-in-one mobile banking app, UOB Mighty. 

Mighty Insights uses 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. The service is driven by the same digital capabilities used by UOB’s proprietary AI-driven predictive analytics engine and TMRW, ASEAN’s first digital bank designed for the mobile-first, mobile-only generation.

 


Ronnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia, shared:

“.... 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.” 

 

Meaningful prompts make the banking experience mightier

By analysing the way the Bank’s customers use their accounts, UOB Malaysia can anticipate their needs and wants more accurately and to serve them “insight cards” that help them to manage their finances better. These “insights” are found within the UOB Mighty home screen and customers can view them immediately upon logging into the app.

For example, through Mighty Insights customers who make regular payments for subscription-based services will be alerted when the upcoming payment is due; if subscription fees have increased or even when their trial subscriptions are ending. This enables them to budget accordingly or to cancel their subscriptions if they wish to do so without incurring additional fees. 

Customers can also access a consolidated view of their average monthly expenses made on their cards for different spending categories over the past five months. This helps customers to view and to track their spending easily using UOB Mighty instead of having to search multiple card statements.

Besides, customers will be alerted through Mighty Insights when a payment is made to a new merchant or if their current balance is not able to cover their usual expenses. This helps customers to keep track of their spending activities.

To ensure that the insights displayed are most suited to each individual, the Bank also enables customers to give feedback by rating the insights shown to them. Over time, the insights will adapt to the preferences of the customer and show them insights that are relevant to them.  

The UOB Mighty app can be downloaded from Google Play, the Apple App Store or Huawei AppGallery. For more information, visit uob.my/mighty.



 

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