B2B Payments

Personetics Bridges FIs To AI Small Business Banking Tech

artificial intelligence

Artificial intelligence financial services technology company Personetics is rolling out a new small business banking tool for its financial institution clients.

In a press release Wednesday (May 15), Personetics said it will introduce its small business banking solution that integrates into banks’ existing online and mobile banking customer-facing platforms. Designed for small business customers, the tool offers day-to-day banking, cash flow and liquidity management solutions.

The release of the small business banking technology follows the launch of Personetics’ consumer banking tool, which also integrates into FIs’ existing offerings.

Citing its own research, Personetics noted that a survey revealed up to 90 percent of small business owners say they would like to conduct banking digitally, but only 41 percent do so today. Two-thirds say they want online cash flow management, forecasting and budgeting solutions provided by their banks, but only 14 percent said their current bank provides financial guidance.

Cash flow, payments and timely connections were ranked as the three top issues for small businesses, the survey also found. According to Personetics, artificial intelligence (AI) can enable banks to help their small to medium-sized business (SMB) customers address those friction points by providing proactive management of payments and accounts receivable issues, predicting cash flow, and recommending the most relevant financing options to help small firms manage finances.

The company noted that the small business banking solution also took into account the feedback and needs from its financial institution clients as well.

“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,” said Personetics Co-Founder and CEO David Sonsa in a statement. “Banks that act on these emerging needs have an opportunity to turn online and mobile banking into the go-to places to businesses to manage their day-to-day finances and stay ahead of the rapidly evolving needs of their small business customers.”



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.