Working with six of the top twelve banks in North America and Europe, Personetics expands its global footprint with new Singapore office, adds new funding from UOB Group
United Overseas Bank Limited (UOB), one of Asia’s leading financial groups, announced it is partnering with Personetics, the leading provider of Cognitive Banking applications, to bring AI-powered capabilities to the region’s rapidly-growing digital banking user population. UOB is also making an equity investment in Personetics.
Asia-Pacific takes the lead in digital and mobile banking adoption
Personetics’ partnership with UOB coincides with the opening of the company’s new office in Singapore, which will provide a focal point for serving the rapidly-expanding digital banking customer base in the region. A new McKinsey survey shows that digital banking penetration in the region is growing rapidly, reaching up to 97 percent of the population in some countries. Across Asia, digital transactions are 60-400% more frequent than branch transactions.
With such rapid growth, banks in Asia are well positioned to take the lead in digital innovation. According to a Nielsen survey, bank customers in Asia-Pacific are already more engaged in mobile banking activities than customers in any other region. Currently working with leading financial institution in North American and Europe, including six of the largest 12 banks in these regions, Personetics is now expanding its global presence to make a similar impact in Asia.
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“We are excited to partner with an innovative institution such as UOB to bring the next generation of digital banking to Asia,” said David Sosna, Personetics’ Co-founder and CEO. “This is a fast-growing market that is dominated by digital-savvy customers with high expectations from their financial services providers. What these customers are looking for now is the next generation of digital banking – hyper-personal, forward-looking, with simplified ways to manage their money and improve their financial wellbeing.”
Personetics and UOB partnership accelerates the bank’s AI drive
The demand for new digital capabilities is driving the need for collaboration between banks and Fintech companies. Dr. Dennis Khoo, Head of Regional Digital Bank and Strategic Initiatives, UOB, said that Personetics’ capabilities will accelerate the bank’s use of AI and enable it to anticipate what customers want and prompt them to be better at saving and smarter at spending. As a result, UOB will be able to create even more relevant and engaging digital experiences for its customers.
“Given the advances in AI, machine learning and data analytics, we will use Personetics’ tools to deepen our understanding of customer behavior and to design more innovative, responsive and responsible digital banking services. Personetics’ powerful AI-driven solutions will complement our existing AI capabilities and enable UOB to take a giant leap forward in having meaningful digital conversations that will help customers make better financial decisions,” said Dr. Khoo.
Through Personetics’ cognitive analytic capabilities, UOB will draw deeper insights from its huge volumes of transaction data to help identify individual transaction patterns that can make the customer experience more engaging. These insights will enable UOB to provide customers with real-time, personalized and insightful guidance to help them make better financial decisions and improve the way they manage their money. This could include anticipating and prompting the customer when their balance may be insufficient to cover upcoming payments, detecting unusual account activity, and highlighting opportunities to save more or spend wisely.
“Leading banks around the world have deployed Personetics’ AI-powered solutions to deepen the engagement they have with their customers. Thanks to these solutions, every day millions of customers are getting personal, forward-looking and useful advice from their banks to help them better manage their financial affairs,” said Sosna. “UOB is the first bank in Asia to join this revolution in digital banking, a step that is demonstrating the bank’s advanced technology vision and its commitment to the financial wellbeing of its customers.”