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Manila Bulletin devider Technews devider Elevate your financial well-being with AI

Elevate your financial well-being with AI

Bank of the Philippine Islands introduces groundbreaking Track and Plan feature on the new BPI app.

Published Sep 7, 2023 08:33 am
Track & Plan Introduction Teaser.png

Technology has definitely invaded our lives. That is why it comes as no surprise that AI or artificial intelligence is revolutionizing even the world of finance, transforming the way we manage money.

Artificial intelligence is a machine's ability to perform tasks associated with human intelligence.   It can go over huge amounts of data and monitor trends.  It can even make predictions.  And so if we apply it to the world of finance, AI can be used to identify and assess fraud, identify investment opportunities, monitor transactions, etc.  

Budgeting is one task that is quite challenging when it comes to managing personal finances. Tasks like keeping track of income, expenses, and money saved can be a real mind-bender.  Enter Bank of the Philippine Islands' (BPI) groundbreaking feature the Track and Plan found in the new BPI app.   This is the first in the industry, harnessing the power of artificial intelligence to better manage one's finances.

Notice an animated scrolling card at the top of the screen when you log in to your BPI app.  That is the Track and Plan feature and  this AI-driven feature can do the following:

  • By making use of AI, Track and Plan can analyze financial activities on the app.
  • Based on the user's latest transactions, Track and Plan can generate insights into the user's spending.
  • Track and Plan can provide notifications for pattern transactions such as consecutive withdrawals.
  • With Track and Plan, you can easily get in touch with BPI directly when you have questions or need assistance.
  • Track and Plan can alert users of unexpected changes in deposits.
  • Track and Plan can suggest ways to invest and grow funds.
  • This feature can monitor spending trends.  It alerts users if bills are higher than their average.
  • Rest assured, all generated insights are private, confidential and secure.  It can only be viewed by the user.

 

In its commitment to expand its capabilities, BPI will soon introduce features like budget tracker, automatic monthly investments and schedule most frequent transactions.

BPI Consumer Marketing and Platforms Head Mariana Zobel de Ayala shares her enthusiasm for the feature, saying, “We are leveraging technology to simplify money management to empower Filipinos to do more and make their lives better every day. This feature essentially scales BPI’s seasoned and personalized financial advice to millions of Filipinos and is the next step forward in BPI’s evolution. Our customers can look forward to more in-depth insights and actionable advice as we continue to develop this feature.”

BPI will be phasing out the old BPI app on September 30, 2023. So BPI app users, it is time to "move app" and download the new BPI app or update to the latest version. 

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Bank of the Philippine Islands
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