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How Much Does Your Bank Know You?

Date:
November 23, 2020

Personalization is a fact of modern life. With every search and purchase, your browser learns more about you, personalizing the ads you see and the search results you get. 

Banks use similar AI (“Artificial Intelligence”) to learn about you, too. The better your bank knows you, the safer your money is. You may even find yourself building more wealth. 

Here are a few ways your bank gets to know you - and what it means for you:

Smarter lending decisions

Before today’s level of personalization, banks relied on credit scores to assess customers like you. They relied on your history with money and managing debt to determine the kind of loan and interest rate they should offer you in the future. 

But the better your bank knows you, the better loans and credit cards you’re likely to get. With sophisticated AI technology, banks can look at more data, far beyond your credit score, and see what other behavior indicates you’re a better, more creditworthy candidate.

That can impact the kind of car you’ll drive next or the kind of house you can afford. The more data your bank has about you, the more informed they can be about helping you move forward. 

More personalized money management 

Banks now commonly track your debts, savings and spending habits. The next level of personalization involves predictive cash flow analysis, customized advice and automated transactions, from paying debts to building savings to managing investment portfolios. 

Improved theft prevention

Personalization can also keep your money more secure. With AI technology, your bank can  identify behavior patterns that make sense for you -- and other behavior that’s suspect, likely indicating fraud. 

Next best action

Banks also use personalization to suggest and sell you services that make more sense for you. It’s called 'next best action' and, after learning your financial habits and goals, the process decides which offer, discount or service suits you best. 

A more personalized Bright Plan

Bright uses personalization to learn about your income and spending habits and to find the fastest, smartest way to clear your debt, add more savings and build the kind of wealth that can secure your future. A personalized Bright Plan learns about you, analyzes your goals, then automatically moves funds when it makes sense for you.

Content Team
Bright Money

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