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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.