Nationwide Building Society has announced the rollout of a new AI-driven data enrichment and categorisation platform.
The technology, developed by Moneyhub, analyses all customer transactions, from card payments to direct debits, to provide “granular insights” for the building society’s 16 million customers.
Nationwide said that the move would allow customers to access “richer” transaction details, including merchant identifications such as websites or store specific contact details, as well as location data showing where each payment was made.
It explained that these details are designed to help customers better manage their personal finance and quickly identify fraudulent transactions.
Sri Kanisapakkam, chief data and analytics officer at Nationwide said that the technology rollout would help to “enrich” the data it is giving back to its customers, enabling the building society to deliver “even more personalised” products and services in the future.
The move comes after the company announced on Monday that it is launching a new call checker service to prevent impersonation scams, providing reassurance to customers that they are speaking to the building society and not a fraudster.
On the company’s banking app, customers can open the call checker when on a phone call, with the screen either confirming it is genuine or that they are not speaking to an employee at the building society.
The launch comes as research from Nationwide shows Brits receive around eight scam calls per month.
