Mastercard and Moneythor to Help Personalize First Abu Dhabi Bank’s Digital Channels

Mastercard and Moneythor have partnered to add personalized experiences to First Abu Dhabi Bank’s (FAB’s) digital channels.

This collaboration will provide the bank with Mastercard’s payments innovation experience and Moneythor’s enrichment and personalization technology, the companies said in a Monday (Jan. 19) press release.

The combination will help FAB’s customers better understand their money and build healthy financial habits by providing them with organized spending categories, summaries of transactions and cash flow forecasts, according to the release.

“Combining Mastercard’s payments innovation experience with Moneythor’s personalization technology and FAB’s customer-first approach allows us to provide insights that truly matter to customers, helping them see beyond the numbers,” Gina Petersen-Skyrme, country manager, UAE and Oman at Mastercard, said in the release.

Moneythor CEO Martin Frick said in the release that this offering will provide a “deep banking” experience in which complex financial data is turned into actionable insights.

“Through enriched transactions, spending insights and cashflow forecasting, we help customers understand not just what they spend, but why it matters and what comes next, giving them clarity and control over their financial journey,” Frick said.

Moneythor was founded in 2013 and was selected to participate in Mastercard’s Start Path program, which connects proven startups with international financial services firms, in 2019.

In some other moves announced over the past 12 months, Moneythor launched a suite of artificial intelligence and analytics capabilities to help banks deliver deep banking experiences, teamed up with financial services consulting firm Grover Consult to support the adoption of deep banking in the Philippines, and established regional operations in Latin America to promote deep banking in that region.

The PYMNTS Intelligence and Galileo collaboration “Beyond the Bot: Why Embedded Conversational AI Is Banking’s Next Strategic Advantage” found that 72% of consumers said personalization influences where they bank.

The report said this figure highlights the weight customers place on relevance and context in financial interactions.

PYMNTS reported in March 2024 that because the rise of digital and embedded banking services and nonbank platforms has resulted in the commoditization of many banking products, traditional banks must focus on fully owning the customer relationship with their clients and customers through personalized and relevant services.

Mastercard studies have found that 70% of individuals expect a “more personalized experience tomorrow than they received yesterday.”