Mobile banking apps enable you to make deposits, pay bills, and check on your account balance from your smart phone or tablet.
First Hawaiian Bank’s new app does that ― but also uses artificial intelligence to do more.
The bank’s customers can now store information from all of their accounts in one place, even accounts that aren’t with First Hawaiian.
“Your credit cards, your 401K, loans that you have at other institutions, anything that you can get access to from a digital channel, you can bring that in,” said Jason Dang, FHB’s vice president and division manager for Digital Banking.
Through a smart feature called Insights, the app collects a user’s financial information and displays it all in a scrollable format.
“When you got that store credit, or when your paycheck came in, or if your subscription went up or down, or if you’re over limit on your spending, or if you’ve hit a budget or you’re at the limit of your budget, it’ll surface that for you,” Dang said.
With each transaction, artificial intelligence enables the app to get smarter.
“Every transaction after that it categorizes it, and then it adds that into the ability to surface those transactions and says, ‘Look, you’re over this month on gas or food or whatever it is,’” he said.
With so much financial info in one place, the bank assigned a team to ensure the app is secure and it’s advising customers to be extra careful with their information.
First Hawaiian has been tweaking and testing the new mobile app for about a year. The rollout began on Monday.News Source: Hawaii News Now