UOB invests in cognitive banking firm Personetics
Cognitive banking firm Personetics has got an investment from United Overseas Bank (UOB). The amount, which adds to the company’s previous $18 million in equity funding, was not disclosed. But UOB now holds a minority stake in Personetics, reports David Penn at Finovate.
With more than 500 offices in 19 countries and territories in the Asia Pacific region, UOB will use Personetics’ technology to extend its own machine learning and data analytics capabilities.
Dennis Khoo, UOB head of regional digital bank and strategic initiatives, says Personetics’ technology will also enable it to improve customer engagement and “design more innovative, responsive and responsible digital banking services”.
Personetics cognitive banking solutions power personalised real-time guidance for more than 15 million digital users. With a combination of machine learning, natural language understanding, and artificial intelligence (AI) powered predictive analytics, the company’s technology enables FIs to provide their customers with insights and actionable advice.
Partnered with six of the top 12 banks in North America and Europe, and serving more than 50 million customers around the world, Personetics’ solutions provide FIs with conversational self-service (Personetics Assist), predictive insights and advice (Personetics Engage), and algorithm-based money management (Personetics Act). The company’s technology has analysed more than 29 billion transactions and personalised more than 4.8 billion customer interactions.
Last month, the company unveiled a new offering designed especially for digital-only and challenger banks.
This spring, Personetics announced that Banca Transilvania, the second largest bank in Romania with more than 2.2 million customers, will add its technology to its internet and mobile banking platform.
Personetics began the year teaming up with Israel Discount Bank to power the $48 billion institution’s new digital financial assistant, Didi.