CIBC FirstCaribbean has launched its newest financial tool, CIBC FirstCaribbean 1st Insights, to help clients better manage and improve their finances. The bank said in a release that this newest tool in its ongoing journey to make banking personalised, easy and responsive is available to its Online Banking and Mobile App users.

Managing Director, Retail and Business Banking at CIBC FirstCaribbean, Mark St Hill said he was thrilled with the tool, noting that it will offer clients “personal, predictive and proactive guidance”. He explained that with “CIBC FirstCaribbean 1st Insights, you will receive a daily feed to your financial wellness at your fingertips. It gives you tailored, real-time information about your finances based on your savings or chequing account activity serving up the insights that matter most to you”.

St Hill added that the bank viewed its clients as “more than just accounts but unique individuals with your own financial needs and goals. CIBC FirstCaribbean 1st Insights takes a personal approach to how you view your finances by offering financial insights into how you spend”.

The tool was created in conjunction with financial data platform MX, whose award-winning data enhancement platform and MXinsights are powering the tool. CIBC FirstCaribbean said 1st Insights will monitor clients’ finances and offer insights that guide them to stay on track with their budget.

In explaining some of the features of the new tool Chief Information Officer & Managing Director, Technology & Operations, Esan Peters explained that the, “Monthly Savings Summary insight will let clients know how much money they have in their account over the past months, and how much they managed to save or not save during the previous month”.

He added that the Monthly Spend Comparison insight would provide users with a summary of their total monthly expenses, together with a monthly comparison. This will help them track which months they spend more or less than average.

“You may miss when a subscription to your online newspaper or streaming service goes up because it all happens automatically on your account. The insights tool will help you identify these changes with the Subscription Price Increase insight. It will show you what you were previously spending and what the new amount is. The Budget insights keep you on track with what you’re spending and where you’re spending it,” Peters added.

CIBC FirstCaribbean 1st Insights is available to all of the bank’s Online Banking and Mobile App users free for a three-month trial period starting from the date of enabling. After the initial trial period, users will be able to continue using it for a US$3 annual subscription fee, the release concluded