Metro Bank has upgraded tools and user functionalities across its mobile apps to help its UK business customers manage and monitor their commercial cash flows and transactions.
Initially launched across its Apple iOS app, Metro Bank has integrated a new ‘receipt management tool’ to enable businesses to capture, store and link present and historical transactions instantly through their mobile device.
Metro Bank’s new business tool has been developed by Canadian AI technology studio Sensibill. It utilises machine learning components to order and reconcile receipts for day-to-day business management, saving companies’ the allocation of human resources to undertake receipt based admin tasks.
Launching its new business tool, Metro Bank underlined that ‘small businesses in the UK lose 15 days of paid work a year, spending two hours each week retrieving company expenses’.
David Thomasson, Chief Commercial Officer at Metro Bank, said: “We’re thrilled to partner with Sensibill to provide our business customers with essential money management tools, easily accessible from our mobile app. “
“These will empower SMEs to free up time in a way that wasn’t possible before, to spend running and growing their businesses.”
Entering 2020, Metro Bank leadership stated that the firm would expand its services and solutions for UK SME businesses, in a move to diversify its core business away from highstreet consumer banking.
Metro Bank expects to launch Sensibill’s receipt management tool across its Android devices within the coming weeks.
Corey Gross, co-founder and CEO of Sensibill, added: “Metro Bank understands that small businesses and gig workers need a better, simpler way to track their finances and manage expenses.”
“By leveraging our solution, the bank’s small businesses can regain hours once lost to analysing paper receipts and run their businesses more effectively, which is especially critical in light of the pandemic..”