Personetics Partners With Plaid to Give Banks Deeper Customer Insights

Personetics has added open finance intelligence to its artificial intelligence (AI)-powered personalization platform for banks and credit unions by partnering with Plaid, Personetics said in a Tuesday (Aug. 18) press release.

This partnership enables banks and credit unions to get a comprehensive view of a customer’s financial life by combining their own data with open banking data that includes accounts held elsewhere, according to the release.

With this broader view, Personetics’ AI models can surface personalized financial insights, recommendations and next best actions that help financial institutions deepen customer relationships, retain deposits, reinforce primacy and cross-sell, the release said.

The integration also provides each institution’s consumers with opportunities to save more, avoid unnecessary fees, manage debt and make more informed financial decisions within the digital banking experience they already use, per the release.

Personetics CEO Udi Ziv said in the release that open banking offers banks and credit unions a new tool that can help earn a bigger share of their customers’ financial lives.

“When we can bring in data from accounts a customer holds elsewhere, we can surface insights that reflect their full financial picture and help them take smarter action based on it, not just what’s sitting in one account,” Ziv said. “That’s what builds primacy over time, and it’s why we see this as such a natural fit with Plaid.”

Personetics said in a June press release that when bankers were asked what prevents them from deriving actionable intelligence from customer transaction data, 56% cited data silos between business lines, and 55% cited the inability to build a unified customer profile.

Plaid Head of Partnerships Adam Yoxtheimer said in the Tuesday press release that the partnership allows financial institutions to provide customers with a complete view of their finances through the institutions’ own digital platforms.

“That’s why we are excited to partner with Personetics, who have designed experiences that live within those platforms, enabling financial institutions to identify opportunities and take action across their customers’ financial lives, not just what flows through a single account,” Yoxtheimer said.

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

“Customers want online interactions that are as personalized and intuitive as their branch experiences,” the report said.