Italy’s third-largest banking group Banco BPM has launched AI-powered enriched transaction details within its mobile app to provide clear summaries for customers.
The technology has been installed in partnership with transaction geolocation platform company Snowdrop Solutions and uses the firm’s enrichment API known as the MRS API.
It uses advanced AI algorithms and other services from Google to provide users with detailed information about their transaction including the merchant, exact transaction amounts, address and business category.
The bank said that it will use the technology to turn complex data into intuitive experiences for its customers.
Banco BPM becomes Snowdrop’s first client in Italy, reinforcing the company’s commitment to expanding its intuitive banking solutions across the continent.
“We are committed to delivering the best possible digital banking experience to our customers, enriching our services with increasingly innovative and cutting-edge solutions,” said Luca Vanetti, marketing and omnichannel business manager at Banco BPM. “This project is part of Banco BPM’s broader strategy to deliver an intuitive digital banking experience and is an example of how innovation and collaboration with FinTechs can translate into tangible benefits for our clients.”
Rival bank UniCredit has recently shown interest in taking over Banco BPM.
However, last month the bank’s chief executive Andrea Orcel indicated it would probably abandon its €14.2 billion takeover bid, citing ongoing regulatory obstacles and government opposition.
The bid faces significant hurdles linked to the Italian government’s national security concerns.
Rome has imposed golden power restrictions over the deal, creating conditions that Orcel previously described as unclear and potentially exposing the bank to substantial fines.
