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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.