Spanish digital bank EVO Banco has introduced an innovative geolocation service for card purchases, harnessing the power of artificial intelligence and Google Maps to provide customers with precise details about the time and location of their transactions.
In collaboration with location data analytics firm Snowdrop Solutions, this complimentary service aims to enhance fraud prevention and increase transparency for users. Customers can now view their card transactions in real-time, displayed visually on a map alongside the corresponding merchant name and logo.
Additionally, the service offers automatic categorization of payments, enabling customers to gain deeper insights into their spending habits and financial management. Users will also have access to the sustainability profiles of participating merchants in alignment with the UN Sustainable Development Goals.
Pedro Tomé, Director of Innovation and Advanced Analytics at EVO Banco, remarked, “Every day, millions of users in Spain reach out to their banks because they are confused about their account activity. With Snowdrop’s assistance, we have addressed this issue through an entirely integrated solution within our mobile banking platform, leading to increased transparency and security for our customers.”