Bank of Georgia has rolled-out a Strands-developed personal finance management (PFM) tool to provide customised banking service.

The new tool, dubbed mBank, tracks customer income and expenses, and provides them with financial insights to improve savings.

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Bank of Georgia CEO Archil Gachechiladze said: “Putting personal finance management at the heart of digital banking gives way to smart, personalised recommendations and advice.

“Our new PFM, will greatly simplify financial management for our clients, and it will help them make the right financial decisions.”

AI-driven mBank utilises machine learning technology to develop relevant insights. It also enables the users to categorise their transactions in several sectors and monitor those over a period of time.

Additionally, the customers can assess their income and expense dynamics through its calendar page for better understanding.

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Strands CEO Erik Brieva said: “With this partnership, Bank of Georgia has showcased once again its innovative, customer-centric approach to banking.

“This is the first time that a financial institution in the Caucasus region launches an AI-powered money management solution.”

Bank of Georgia is one of the largest banks in the country, holding 34.3% of its total assets. It offers retail banking, corporate banking and investment management services.

It also has representative offices in London, Budapest and Tel-Aviv.

Earlier this year, Bank of Georgia opened a new branch in the capital city of Tbilisi to target affluent customers.