Starling Bank, a prominent player in the UK’s digital banking sector, has introduced an innovative AI-driven tool designed to help users analyze their spending patterns. This new feature allows customers to inquire about their expenditures—such as total spending at Amazon for a specific month or annual expenses at fast-food restaurants.
Called “enhanced search,” this AI feature is available on an opt-in basis, providing users with a user-friendly interface to ask detailed questions regarding their financial activities. Powered by Google Gemini, the tool also offers personalized prompt suggestions tailored to individual spending habits.
The tool organizes transactions by retailer and categorizes them into over 50 customizable segments, such as transportation, groceries, and bills. This feature significantly simplifies the process of tracking expenditures with specific retailers over time or understanding overall spending in categories like dining out. After reviewing my yearly expenditure at McDonald’s, I realized it may be time to reconsider my fast-food choices.
Users will gain access to graphical representations and analytical data on their spending habits, alongside a detailed breakdown of payments made to various retailers within chosen categories. This functionality addresses a common challenge in banking apps where tracking payments can be cumbersome and often lacks data manipulability for comprehensive financial understanding.
Harriet Rees, Chief Information Officer at Starling Bank, commented, “Our goal is to empower everyone to become ‘Good with money.’ This feature is designed to facilitate customer engagement with their finances in a way that feels intuitive and user-friendly.”
Starling continues to be one of the leading digital banks in the UK, embracing a mobile-exclusive strategy to revolutionize banking practices. It currently boasts 4.6 million customer accounts, competing with Monzo, which has over 12 million customers, and Revolut, which also has more than 10 million users. All three digital banks are significantly ahead of conventional banks in offering advanced digital features, including the ability to monitor spending habits and real-time transaction tracking.
