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With AI and Automation, Personetics Act Turns Banking Apps into Financial Wellness Apps

Courtesy of new AI-powered technology, cognitive analytics specialist Personetics has made it that much easier for bank customers to save money and pay off debt. The new solution, Personetics Act, leverages automated algorithms to help customers define and set actionable financial goals. The technology then analyzes the customer’s finances to see ways that funds and payments can best be arranged to meet those goals whether the customer is simply looking to save more, retire debt faster, or set aside money for a specific goal at a specific time.

“We believe that automated programs personalized to individual customer needs and objectives will soon become an essential part of every bank’s product portfolio,” Personetics co-founder and CEO David Sosna said. He added that Personetics is already providing automated money management technology to “some of the world’s leading banks.” Available as a white-label solution, Personetics Act can help banks attract and retain customers whose primary accounts are with other institutions, as well as increase wallet share for current account holders. Customers get an intelligent money management solution that learns user’s preferences and optimizes its recommendations with use.

More than the latest in Personetics’ suite of cognitive banking solutions, Personetics Act embraces the trend toward “turning mobile apps from banking apps to personal finance apps” as Sosna told American Banker, which called the technologies “a digital CFO in your pocket.” Also writing for American Banker, Penny Crossman noted that FIs like Wells Fargo have been working with Personetics to create financial wellness solutions guided by predictive analytics. One such implementation was Wells Fargo’s Daily Change app launched last year that is powered by Personetics. The app enables customers to link checking and savings accounts and schedule transfers between the two.

Founded in 2010 and headquartered in Tel Aviv, Israel, Personetics demonstrated its Personetics Anywhere chatbot solution at FinovateFall 2016. The company began the year with an investment from Santander’s venture capital arm, Innoventures, and a deal to power a new chatbot launched by Societe Generale. Personetics has raised $18 million in total funding.