Mi 365 will also show where customers may have duplicate transactions leaving their account – such as for similar online subscriptions – highlighting where a saving could be made
Bank of Ireland rolls out Digital money management service. (Credit: Cory Woodward on Unsplash)
Bank of Ireland has introduced a new digital money management service – Money Insights 365 (Mi 365) – for all personal customers. Available on the Bank of Ireland mobile app, Mi 365 helps customers take more control of their money by providing them with over 40 insights into their spending.
Mi 365 allows Bank of Ireland personal customers to:
Access personalised insights on their spending, including average monthly spend with particular retailers
Easily track money in and out, including unexpected payments or refunds
Review cash flow spend data on their account for up to six months
Spot changes in spending they might need to keep an eye on, for example on groceries, clothing or entertainment
Mi 365 will also show where customers may have duplicate transactions leaving their account – such as for similar online subscriptions – highlighting where a saving could be made. The introduction of Mi 365 is one of a range of measures the Bank has taken to help customers understand and manage day-to-day spending, as part of the Bank’s commitment to support and enhance customer financial wellbeing.
Susan Russell, Director of Retail Ireland, Bank of Ireland said: “Research shows that almost 70% of adults need help with tracking spending. Mi 365 responds to this by providing insights, alerts and interventions so that we can manage our money better.
“It can be hard to find the time to track your spending day-in day-out. Mi 365 does a lot of the heavy lifting by presenting customers with a range of individual spending insights. The service is a core part of our mobile banking app which has more than 800,000 log-ins every day, making it the most popular way for our customers to manage their money.
“This is another practical addition to the financial wellbeing supports we offer over 2 million customers in Ireland. We look forward to continuing to expand these supports into the future.”
Mi 365 Insights appears automatically under the customer account information on the home page of the Bank of Ireland app. A carousel is presented with the three latest insights and an insight inbox retains all previously shown insights for 35 days. Personal customers can view insights drawn from their current account, joint current account, and credit card account activity.
Source: Company Press Release