Spanish digital bank EVO Banco has launched a geolocation service for card purchases that uses AI and Google Maps to show customers the exact time and place where their transactions took place.
The Bankinter unit teamed up with location-based data analysis firm Snowdrop Solutions on the free service, which it says will improve fraud prevention and transparency.
Customers can see card transactions in real-time, visualising them on a map with the logo and merchant name.
The service can also automatically categorise payments for a better understanding of spending habits and finances. Customers will also be able to view the sustainability footprint of all merchants that adhere to the UN Sustainable Development Goals.
Pedro Tomé, director, innovation and advanced analytics, EVO, says: "There are millions of users in Spain who call their bank every day because they do not understand the movements of their accounts.
"With the help of Snowdrop, we have solved this problem in a way that is fully integrated into mobile banking, which, in the eyes of the customer, simply translates into more transparency and security."