Personetics Unveils AI-Enabled Small Business Banking Solution

Personetics is leveraging its success in developing AI-enabled consumer banking solutions to help small businesses better manage their day-to-day banking affairs. The tool is geared toward the small business owners who cite a “lack of tools that fit their needs” as the primary challenge to banking digitally. Personetics’ integrates the solution into the bank’s online and mobile channels to give SMEs deeper insight into cash flow and liquidity.

“The small business solution is a result of our work with banks around the globe to address the shifting expectations of business customers as they become more digital-savvy,” Personetics co-founder and CEO David Sosna explained. “Banks that act on these emerging needs have an opportunity to turn online and mobile banking into the go-to places for businesses to manage their day-to-day finances and stay ahead of the rapidly evolving needs of their small business customers.”

Personetics’ new solution proactively identifies potential issues in payments and receivables, anticipates future cashflow, and offers relevant financing options to help users reach liquidity and growth objectives. Additionally, the technology leverages bank and accounting information to give users a comprehensive overview of both financial planning and actual activity.

The company’s announcement is the latest sign of Personetics’ determination to bring AI-enabled personalization solutions to more financial institutions. In March, Personetics teamed up with fellow Finovate alum MX in a technology partnership designed to help FIs translate data into actionable insights.

Also this spring, Personetics partner BGL BNP Paribas, one of the largest banks in Luxembourg, launched its personalized, intelligent digital assistant, Genius. The AI-powered solution, which the bank said was “developed in close collaboration with the fintech Personetics,” encourages financial wellness by providing information on user spending, analyzing cash flow for unusual transactions or other issues, and offering tips on better banking.

Founded in 2010 and headquartered in Tel Aviv, Israel, Personetics demonstrated its Personetics Anywhere chatbot solution at FinovateFall 2016. The company works with six of the top 12 banks in North America and Europe, and serves more than 60 million customers around the world.

Personetics has raised more than $18 million in funding from investors including Lightspeed Venture Partners, Sequoia Capital Israel, and Viola Ventures. The company announced an investment of an undisclosed amount from United Overseas Bank last summer.

Finovate Alumni News

On Finovate.com

  • Q2 and ALTR Leverage the Blockchain to Boost Data Security.
  • Neustar Helps TELUS Fight Caller ID Spoofing.
  • Fintech OS Raises $1.2 Million.
  • Personetics Unveils AI-Enabled Small Banking Solution.
  • SparkPost Launches Predictive Email Intelligence Platform.

Around the web

  • Meniga opens an office in Barcelona, Spain.
  • Coinbase extends support for USD Coin (USDC) trading in 85 countries.
  • Finastra hires Mark Miller as new Chief Financial Officer.
  • Fenergo announces API integration with global financial markets data provider Refinitiv.
  • Hastings Direct extends deal with Equifax by signing a multi-year deal.
  • SDC and Tink partner to give 120 Nordic banks access to account aggregation and payment initiation services.
  • Kony Quantum powers Qualifacts’ new CareLogic mobile app.
  • WireBarley partners with Currencycloud to boost its operations in the U.S.
  • Lendio named to Fortune’s Best Workplaces in Financial Services & Insurance.
  • BlueVine taps Herman Man as new Chief Product Officer.

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 Alumni News

On Finovate.com

  • ACI Worldwide Partners with Solutions by Text.
  • Envestnet to Acquire PIEtech for $500 Million.

Around the web

  • Prepaid Technologies Acquires Dash from Karmic Labs.
  • Switch launches its issuer-branded CardUpdatr app.
  • Kinetica unveils its active analytics platform that makes it easier to deliver smart analytics applications at scale.
  • Forbes interviews co-founder and CEO of Onfido, Husayn Kassai.
  • Tinkoff Mobile, a subsidiary of Tinkoff Bank, announces service in six new regions.
  • DocuSign launches its DocuSign Agreement Cloud to help companies better manage business agreements digitally.
  • Capsilon announces the beta launch of its digital underwriter solution.
  • AlphaPoint adds DiamondBack stablecoin to its crypto exchange.
  • Sri Lanka’s Bank of Ceylon goes live with Clari5 Anti-Money Laundering (AML) Solution to address money laundering threats.
  • PYMNTS: Amazon and Worldpay team up on one-click commerce.
  • NetGuardians‘ AI fraud-prevention software available on Microsoft Azure.
  • TurnKey Lender signs partnership agreement with Refinitiv.
  • MX and Personetics partner to bring AI-driven insights to financial institution customers.
  • ICBA and Jack Henry’s ProfitStars expand preferred service provider program with remote deposit capture solutions.
  • Insuritas and Oregon Mutual announce partnership to offer auto and home insurance solutions through meta-agency platform.

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 Around the World

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

Sub-Saharan Africa

  • Mookh Africa, a fintech startup from Kenya that has developed a social business payments solution, wins Visa’s Sub Saharan Africa Everywhere Initiative contest.
  • Techpoint declares 2018 The Year of the Nigerian Fintech Startup.
  • Temenos taps Alexandre Menage as new Head of Sales for Africa.

Central and Eastern Europe

  • Equities.com reviews the 10 Hottest Places to Launch a Fintech Startup in Central and Eastern Europe.
  • Total Croatia News looks at money transfer startup, Aircash, which has gained 15,000 users in the first 12 months of operation.
  • Ukraine’s Financial Stability Council issues digital currency regulating document as popularity of crytocurrency trading in the country grows.

Middle East and Northern Africa

  • Salaam Gateway discusses how Dubai’s FinTech Hive supports Islamic fintech with the organization’s executive Vice President, Raja Al Mazrouei.
  • UAE-based merchant acquirer Network International introduces e-commerce platform for SMEs.
  • Daily Sabah looks at venture investment in Turkey in the first half of 2018.

Central and South Asia

  • Aurora talks with President and CEO of Telenor Bank, Shahid Mustafa about microfinance and e-commerce in Pakistan.
  • Onfido to Secure Drivers for India’s Largest Rideshare Company.
  • Fortune India interviews PayU India’s CEO Amrish Rau.

Latin America and the Caribbean

  • Incoming cohort for Startupbootcamp FinTech’s second Latin America-oriented program features fintechs from Mexico, Costa Rica, Ecuador, Chile, and Peru.
  • The Sociable profiles Microsoft-backed Imagine Lab Chile.
  • PYMNTS.com looks at how financial institutions in Latin America are coping with cyber fraud.

Asia-Pacific

  • Trulioo extends its identity and business verification service to the Philippines.
  • Personetics Scores Minority Stake Investment from United Overseas Bank.
  • Hong Kong Monetary Authority unveils Open API framework.

Top image designed by Freepik

Personetics Scores Minority Stake Investment from United Overseas Bank

Cognitive banking innovator Personetics announced an investment from United Overseas Bank (UOB) last week. The amount of the investment, which adds to the company’s previous $18 million in equity funding, was not disclosed. But The Business Times reports that UOB now holds a minority stake in Personetics.

“Today, UOB becomes the first bank in Asia to join this revolution in digital banking,” Personetics Co-founder and CEO, David Sosna, said. He praised the Singapore-based bank’s vision and “its commitment to the financial well-being of its customers.”

With more than 500 offices in 19 countries and territories in the Asia Pacific region, UOB will leverage Personetics’ technology to extend its own machine learning and data analytics capabilities. Dennis Khoo, UOB head of regional digital bank and strategic initiatives, added that Personetics’ technology will also enable it to improve customer engagement and “design more innovative, responsive and responsible digital banking services.”

Personetics cognitive banking solutions power personalized real-time guidance for more than 15 million digital users. With a combination of machine learning, natural language understanding, and AI-powered predictive analytics, the company’s technology enables FIs to provide their customers with highly-relevant, personalized insights and actionable advice to plan for their financial futures as well as manage everyday financial challenges.

Partnered with six of the top 12 banks in North America and Europe, and serving more than 50 million customers around the world, Personetics’ solutions provide FIs with conversational self-service (Personetics Assist), predictive insights and advice (Personetics Engage), and algorithm-based money management (Personetics Act). The company’s technology has analyzed more than 29 billion transactions and personalized more than 4.8 billion customer interactions.

Headquartered in Tel Aviv, Israel, Personetics demonstrated its Personetics Anywhere chatbot solution at FinovateFall 2016. Last month, the company unveiled a new offering designed especially for digital-only and challenger banks. This spring, Personetics announced that Banca Transilvania, the second largest bank in Romania with more than 2.2 million customers, will add its technology to its internet and mobile banking platform. Personetics began the year teaming up with Israel Discount Bank to power the $48 billion institution’s new digital financial assistant, Didi.

Finovate Alumni News

On Finovate.com

  • Personetics Scores Minority Stake Investment from United Overseas Bank.
  • StockViews Announces New Investment from Fuel Ventures.
  • CardFlight Teams with BoomTown.

Around the web

  • Entersekt partners with the GSMA to offer Mobile Connect to institutional clients.
  • Bpm’online earns recognition as a Challenger in Gartner’s 2018 Magic Quadrant for Sales Force Automation.
  • Finastra hires former Laing O’Rourke executive Gareth Burton as its new Chief Information Officer.
  • Fintech News Switzerland interviews 3rd-eyes CEO Rodrigo Amandi.
  • Exate Technology and Xero sign on to PwC’s She Can Charter initiative to increase the number of women in technology.
  • ProgrammableWeb features three new APIs from Hydrogen in its Daily API Roundup.
  • Wipro credits its banking financial services and insurance business, as well as its consumer business unit, for strong quarterly revenue growth.
  • Optimove announces new Chief Operating Officer, Yarden Malta, formerly of Earnix.
  • Top Image Systems appoints John London as Interim Chief Financial Officer.
  • Find Biometrics explores BehavioSec’s commitment to PSD2 compliance
  • AlphaPoint powers new exchange platform, matching engine, and real-time settlement exchange for SeACrypto.
  • Ephesoft named one of the 2018 Best Places to Work in Orange County.
  • Bloomberg features Crypterium. Come see Crypterium’s demo at FinovateFall this September.

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 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.

Finovate Alumni News

On Finovate.com

  • Personetics Accommodates Digital-Only and Challenger Banks.
  • Diebold Nixdorf Brings its Bank-Like Kiosk to Emirates NBD Customers.
  • Munnypot Announces Strategic Partnership with Capita.
  • Switch Speeds Virtual Card Adoption with CardSavr API.

Around the web

  • aixigo wins top honors in the Outstanding Front-End Digital Solutions Provider (Vendor) category of the Private Banking Conference & Awards in Germany for its wealth management platform.
  • Trunomi announces partnership with blockchain-based digital ID solution, Shyft.
  • Mambu and Form3 team up to launch cloud-based payments processing service.
  • Fiserv collaborates with Rippleshot to provide early breach detection solution, Card Risk Office Fraud Warning.
  • Mitek adds identity document verification and biometric facial recognition technology to its platform courtesy of a new agreement with Experian.
  • Earnix introduces AcceleRate-it with Direct Deploy technology.
  • 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.