Starling Bank Launches A New AI-Based Spending Intelligence Tool For Customers
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Starling Bank recently rolled out a new tool for its customers called Spending Intelligence. This is a Large Language Model (LLM) tool that offers clients the use of Generative AI, which allows users to track their spending.
Users will be able to interrogate the new AI tool to get insight into their spending habits and modify them as needed. The tool is available in the form of a chatbot built on Google’s LLM Gemini, and it was made available to users yesterday, June 10.
The way Spending Intelligence works from the end user’s point of view is simple. It will appear as a search bar on the Starling app, allowing customers to post questions about their spending during a specific period of time. For example, a user can ask, “How much did I donate to charity last year?” or “How much did I spend on groceries during the previous week?”
Users can type any question related to their spending into the search bar or ask the chatbot verbally and receive an answer within seconds.
Starling To Hire 400 New Software Engineers
Declan Ferguson, Starling’s finance chief, commented on the new tool by saying that he and the bank’s team are pleased to be the first bank in the UK to put generative AI into the hands of their customers. He also added that the feature represents Starling Bank’s first step toward a bigger ambition, which is to implement Artificial Intelligence into the banking app to all customers.
Starling is taking its first steps toward implementing AI in a way that will enhance the banking experience for users, allowing them to gain a better understanding of their spending.
During last week’s Money20/20, Ferguson also revealed some of the bank’s plans for the future, including the intention to hire 400 new software engineers by the end of the year. This is a necessary move, as Starling is delving deeper into the development of AI across its organization, and new talent is necessary to help accelerate the process and achieve results faster and more efficiently.
