Personetics Accommodates Digital-Only and Challenger Banks

Cognitive analytics company Personetics has traditionally served large banks, including six of the top 12 banks in North America and Europe. Today, however, the company launched a new offering that makes its solutions more accessible for smaller digital-only and challenger banks.

The new offering provides a highly customizable, pre-packaged application, lowering barriers for smaller banks to implement AI-powered banking services. Founded in 2010, Personetics leverages predictive analytics to help banks anticipate their clients’ individual needs.

“Personalized and proactive guidance is quickly becoming a must-have requirement for banking, especially for new banks that are built on the promise of a new banking experience,” said David Sosna, Personetics co-founder and CEO. “Our mission is to deliver market-proven engagement and personalization technology that is quick and easy to deploy so digital banks can focus their resources on their go-to-market strategy.”

The implementation, which takes under three months, is designed to work with banks with limited resources. To meet these requirements, the new software package offers:

  • Pre-built banking content: The offering includes hundreds of pre-built insights, financial tips, and personalized advice that the bank can easily modify and control
  • API-first approach: Personetics uses open APIs to integrate AI functionality into a bank’s digital banking experience and allows banks to create their own brand identity and customer engagement strategy.
  • Editing tools: These tools allow the bank to retain control over the content and develop new capabilities to support its own business goals.
  • Fast time-to-market: Personetics delivers a production-level solution in just three months.

Among the first challenger banks to leverage Personetics’ new software package is U.K.-based Tandem Bank, which announced its participation in February. “The Personetics Cognitive Banking Brain provides great AI capabilities with prebuilt insights which enable us to accelerate time-to-market and place personalised highlights in the hands of our customers sooner rather than later,” said Ricky Knox, chief executive at Tandem Bank.

At FinovateFall 2016, Personetics demonstrated its Personetics Anywhere chatbot solution. The company was founded in 2011 and has received $18 million in total funding. Personetics recently onboarded Romania’s Banca Transilvania to offer AI-powered, forward-looking financial guidance to the bank’s clients. The company offers more than 4.3 billion personalized interactions to more than 45 million end customers across the globe.

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  • Trulioo wins Startup Canada’s Global Entrepreneurship Award.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Fintech News from the Periphery

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from the Periphery is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Asia

  • Singapore Business Review names Turnkey Lender and Bambu among Singapore’s hottest startups.
  • Citi introduces Facebook Messenger bot in Singapore as initial stage of wider worldwide rollout. (link)
  • Revolut founder and CEO Nikolay Storonsky discusses plans for APAC expansion with TechWireAsia.

Africa

  • Flywire and Flutterwave partner on cross-border payments & receivables in Nigeria.
  • Africa-based fintechs picked up almost one third of all Venture funding in Africa in 2017, according to a report from Disrupt Africa.
  • Village Capital Fintech Africa Cohort 2018 lists its incoming class of 12 startups.

MENA

  • Fintech Circle and Abu Dhabi Global Market (ADGM) to launch fintech education courses.
  • Gulf News Banking takes a look at the digitization of the fintech sector in the Middle East.
  • Bahrain-based security startup, Eazy Financial Services, launches first biometric payment network in MENA.

LATAM

  • Neener Analytics Completes Proof-of-Concept with Jamaican Payday Lender.
  • Alipay partners with Openpay to connect Chinese consumers with merchants in Mexico. (link)
  • Amazon.com unveils first debit card in Mexico as part of e-commerce initiative.

CEE

  • Personetics Brings Cognitive Banking to Romania’s Banca Transilvania.
  • Sberbank to host the first International Cybersecurity Conference in July.
  • CEE Fintech Survey for 2017 cites Poland’s fintech industry as the region’s most vibrant.

Top image designed by Freepik

Personetics Brings Cognitive Banking to Romania’s Banca Transilvania

Cognitive banking has come to CEE.

Romania’s second largest bank, Banca Transilvania, will integrate AI-powered, forward-looking financial guidance into its digital banking experience courtesy of a new partnership with Personetics. The bank, with more than 2.2 million clients, will add Personetics’ technology to the new version of its BT24 Internet Banking and Mobile Banking solution this year, giving Banca Transilvania’s retail and business customers access to insights and tools to better manage their finances.

“With the move towards open banking and PSD2 compliance, the ability to utilize data assets to deliver personalized service and guidance will become a key competitive differentiator for financial institutions in Europe and elsewhere,” Personetics CEO and co-founder David Sosna said. Speaking for Banca Transilvania, CEO Omer Tetik praised the way the technology will enable the bank to get its products to customers faster, and called the partnership with Personetics, “a new and strategic step regarding our digital focus and proof of our commitment to offer convenient and reliable services to our customers.”

Personetics specializes in leveraging machine learning, predictive analytics, and AI to help banks and credit unions create personalized, digital banking experiences for their customers and members.  The company’s Cognitive Banking Brain engine enables a range of applications including a Cognitive Banking Framework; Personetics Engage to provide personalized guidance for customer financial management; Personetics Assist, an AI-driven chatbot solution for institutions; Personetics Act, an automated money management solution; and Personetics Anywhere, which enables banks to deploy chatbot solutions over popular messaging platforms. The solutions help banks lower operational costs, increase cross-selling, and build better quality online engagement.

Founded in 2010 and headquartered in Tel Aviv, Israel, Personetics demonstrated its Personetics Anywhere chatbot solution for financial services at FinovateFall 2016. Last month, the company announced that challenger bank Tandem would use Personetics’ technology to provide personalized financial guidance for its customers. Also this year, Personetics has announced a partnership with Israel Discount Bank, where it will power the intelligent financial assistant, Didi. The company serves more than 45 million customers worldwide, and is partnered with six of the top 12 banks in North America and the European Union.

Named a Gartner Cool Vender, a Top Ten FinTech Company by KPMG, and a Top Ten Company to Watch by American Banker, Personetics has raised $18 million in funding. The company includes Lightspeed Venture Partners, Viola Ventures, and Sequoia Capital among its investors.

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Around the web

  • Challenger bank Tandem to leverage Personetics Cognitive Banking Brain to provide personalized financial guidance for customers.
  • Equifax introduces commercial credit data sharing solution for SME lenders.
  • Bluefin Payment Systems partners with EDC Corporation to improve security for credit card transactions.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Personetics Powers New Intelligent Financial Assistant Didi from Israel Discount Bank

Israel Discount Bank is jumping on the intelligent assistant bandwagon. This week, the bank launched its new digital financial assistant, Didi –  a solution powered by Personetics Cognitive Banking Brain.

“Utilizing advanced AI capabilities to provide personalized and proactive guidance is quickly becoming a must-have for financial institutions that want to increase customer engagement, satisfaction, and loyalty,” Personetics co-founder and CEO David Sosna said. “While digital banking assistants are gaining popularity, the ones that will stand out will be those that deliver smart interactions based on true understanding of each customer’s financial behavior and needs.”

Digital banking assistants may offer efficient customer service, but the key to higher engagement lies in the ability to offer insight and guidance that is both personalized and proactive. Didi, which will be available for free to all Discount Bank customers via the mobile app, leverages Personetics’ Cognitive Banking Brain, which analyzes specific transactions to spot spending issues or opportunities for greater saving.

“Proactively providing insight and advice, Didi is always one step ahead, empowering customers to be more efficient and effective in managing their money,” Head of Technologies & Operations division at Discount Bank, Levi Halevi, said. In addition to delivering AI-powered personalized insights and guidance, the technology also features “hundreds of pre-built insights” which, in addition to being market-tested by banks around the world, will help Discount Bank roll out the technology that much more quickly.

At FinovateFall 2016, CEO Sosna and Solution Architect Sudharshan Krishnan demonstrated Personetics Anywhere, a chatbot solution for financial services providers that works across most common messaging platforms. Last fall the company launched a new service, Personetics Act, designed to give banks a new way to help customers repay their student loans ahead of schedule. Also last fall, Royal Bank Canada announced that it was leveraging the company’s technology to deliver two new services – AI-powered finance guidance and an automated savings program – through its mobile app.

Based in Tel Aviv, Israel, Personetics was featured in our look at fintech innovation in Israel. The company has raised $18 million in funding and includes Lightspeed Venture Partners, Viola Ventures and Sequoia Capital among its investors.

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Around the web

  • Thomson Reuters introduces investment research marketplace on Eikon to further MiFID II compliance
  • Xero opens new Wellington headquarters.
  • Trustly to expand its Pay N Play gaming payment product.
  • Zopa’s investor community lends 3 billionth pound to U.K. consumers.
  • Pendo Systems targets the insurance sector with Pendo Machine Learning Platform.
  • InComm expands gift card assortment in grocery partners with new brand offerings.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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  • Envestnet Finalizes Acquisition of FolioDynamix for $195 Million.
  • In the Navy: nCino Brings its Bank Operating System to the World’s Largest Credit Union.
  • Kantox Closes Debt Financing.
  • Finovate Alums Garner $2.7 Billion in 2017; $721 Million in Q4 Alone.

Around the web

  • CIO Review names AI Foundry one of the 20 Most Promising Enterprise Information Management Solution Providers 2017.
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  • Motor City Community Credit Union partners with Fiserv.
  • Elixirr interviews Personetics founder and CEO David Sosna.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Personetics Leverages AI to Help Chip Away at Student Loan Crisis

Cognitive analytics company Personetics announced this week it is using its AI technology in a new way. The Israel-based company launched Personetics Act this week to offer banks a way to help customers repay their student loans ahead of schedule.

The new service uses the Nudge Theory to incentivize the 44 million U.S. student loan borrowers who owe more than $1.4 trillion in student loan debt to pay down their loans early and avoid paying thousands in interest. The Nudge Theory was demonstrated by 2017 Nobel Prize winner Professor Richard Thaler, who noted that people make better decisions to improve their financial health when the choice is made easy for them.

Personetics Act puts the Nudge Theory to work by helping banks identify consumers that 1) have a student loan and 2) can afford to pay it off faster. The program offers these consumer a tailored, automated service that adjusts to changes in their spending behavior and continually analyzes their financial picture to find unused funds that can be applied toward the existing loan balance. This can be set to automatically make payments on the customer’s behalf or to appear as a suggested recommendation. The company notes that applying an additional $50 per week towards a $40,000 student loan that bears a 5% interest rate can allow a customer to pay off the loan 3.5 years faster and save over $4,000 in interest payments.

“Existing bank plans are limited in scope and therefore unlikely to make a visible dent in any customer’s outstanding loan balance,” said David Sosna, Personetics’ Co-founder and CEO. “By applying AI algorithms to analyze individual customer cash flows, we’re able to identify windows of opportunity for customers to make these extra payments with no effort on their end.”

At FinovateFall 2016, Personetics demonstrated its Personetics Anywhere chatbot solution. The company was founded in 2011 and has received $18 million in total funding. Personetics recently onboarded Royal Bank of Canada to pilot an AI-powered financial guidance solution, NOMI Insights, and an automated savings platform, NOMI Find & Save. Last month, the company’s VP of New Markets and Solutions, Sudharshan Krishnan, authored a guest post titled, “Enabled by AI, Self-Service Is the Future of Banking.”

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  • Personetics Leverages AI to Help Chip Away at Student Loan Crisis.
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Around the web

  • Actiance launches Safe Landing Program to ensure continuous compliance for stranded CA data protection customers.
  • PayNearMe helps NYC residents and visitors pay parking tickets with cash.
  • Mitek partners with handwriting-based biometric authentication service Asignio to deliver IDaaS solution.
  • Revolut announces plans to expand to Singapore.
  • Zafin launches digital origination platform and partner ecosystem, Zafin Origin.
  • Klarna expands partnership with Arcadia, adding new payment solutions.
  • Yoyo Wallet reaches processing milestone of more than 1.75 million transactions per month.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.