Artificial intelligence (AI) solutions provider Personetics is rolling out a new solution for financial institutions (FIs) that the company said could support customer retention and satisfaction.
In a press release Thursday (Sept. 27), Personetics announced the launch of its Self-Driving Finance platform, a customer-facing solution for consumer and business clients of banks and FIs. The tool supports those customers when making financial decisions, providing them with real-time visibility into their finances, automated money management features and custom recommendations.
The solution is designed for retail, small business (SMB) and wealth management clients of Personetics’ bank users, reports said.
“By empowering customers to improve their financial lives, Self-Driving Finance can be a catalyst to establishing the bank as the go-to financial partner for the customer,” said Personetics CEO and Co-founder David Sosna in a statement. “Working with the world’s leading banks, we are witnessing firsthand how these solutions are lifting engagement levels, increasing share of wallet, and allowing banks to offer new products and services that cater to a new generation of digital-native customers.”
The platform provides multiple levels of capabilities, from more basic features like streamlined views of financial histories to enhanced features like added analytics, automated money management for debt payoff or investment support, and cash flow management.
In its announcement, Personetics pointed to EY research that found only 27 percent of customers consider their banks to be their first point of contact when they need to take action or make a decision pertaining to their finances.
Traditional financial institutions are increasingly exploring the potential for AI to improve operations both in the front and back office.
“At the end of the day, I think this technology is going to be great for the business in the long term,” said Chris Ward, executive vice president and head of product management for PNC Treasury Management, in a recent interview with PYMNTS about AI in the banking industry. “I think it’s going to allow us to make faster decisions for customers, it’s going to help increase compliance, and I think it’s also going to create new revenue opportunities and client experiences that we just don’t have today.”