Santander launches money manager with Tel Aviv fintech Personetics
Santander’s UK arm has partnered with Personetics, a Tel Aviv-based fintech, to boost its customer engagement metrics with a new feature: ‘My Money Manager’.
The artificial intelligence (AI)-based tool will be integrated into the bank’s app for UK customers.
Personetics is one of Mouro Capital’s portfolio companies. Mouro is the successor of Santander InnoVentures.
In September, the bank allocated funds of $400 million to Mouro, doubling what it allocated to Innoventures.
At least 70% of the fund’s current portfolio companies, including Personetics, are working with Santander.
‘My Money Manager’
The bank wants to use Personetics’ AI-based approach to drive better customer engagement through a smoother digital experience.
Santander claims its UK app has 4 million monthly active users at present. The new ‘My Money Manager’ feature will send “financial tips”, “helpful nudges” and “personalised insights into spending and upcoming financial commitment” via push notifications.
So, this means expected deposit dates for regular payments such as salaries, pensions and benefits will gain notification status via the Santander app.
It will also notify users about household bills or subscription fees – analysing any increases or decreases, as well as any duplications or new, unrecognised payments.
The alerts will, alongside notification form, land in a new “insights inbox” which the bank has built into its app with Personetics’ help.
Customers can also use the tool to view cash flow analysis, including deposits and regular payments, as well as categorised spending analysis.
There is even an interactive element to the app, which Santander calls “a spending quiz”. Users can, for example, guess how much they spent in a week.
“Working collaboratively, the Personetics team is an extension of our internal teams, generating new use cases and co-creating beyond off-the-shelf solutions.” That’s according to Andy Warren, Santander UK’s customer journey design head.
Founded in 2010, Personetics now claims to serve 65 million bank customers worldwide. It’s raised some $18 million over four rounds to date, according to Crunchbase data.
But it has also raised undisclosed funding. Some of this came from Singapore-based United Overseas Bank (UOB) in 2018. The incumbent now owns a minority stake in the fintech.
Personetics is one of a host of fintechs to help UOB launch its digital bank TMRW in Thailand.
Another customer, Ohio-based Huntington Bank, launched its ‘Money Scout’ tool with the help of Personetics in 2020.
The new feature grows customer savings using automated, cash flow-based algorithms which perform on the customer’s behalf.