Personetics: Unpacking AI’s Impact on Banking

Taking to the stage at Citi’s 2024 FinTech Conference, President of Americas at Personetic, Jody Bhagat, explored the significant impact of data-driven personalisation on driving greater customer experiences, looking ahead to the further innovative potential of AI in banking. 

Indeed, greater personalisation has been made possible with new cutting-edge know your customer (KYC) tools, which Bhagat and Personetics have been pioneering for the financial services industry. 

He told us more about the ways Personetics is empowering financial institutions at Money20/20 USA 2023. 

Now, Jody talks about the benefits banks are seeing by tapping into data and gaining deeper customer understanding. 

Transaction data: A goldmine for banks

Having traditionally relied on conventional sources of data, including insights on browsing behaviour and credit bureau information, today, banks are unlocking the large repositories of transaction data they already possess. 

“This is a far richer vein; a goldmine,” says Jody, and something Personetics unlocks for its clients. 

“By analysing deposits, card usage and payment patterns, we gain amazing visibility into each customer’s financial life,” he says. 

“This intel allows us to construct detailed personas, anticipating needs and delivering hyper-personalised recommendations in real-time. 

“Whether it’s avoiding overdrafts, maximising savings or monitoring transactions, our AI models ensure every insight hits the bullseye.”

By leveraging the latest in AI technology, Personetics is able to deliver the same level of deep personalisation at scale. 

“AI is the great equaliser,” adds Jody. “Our models ingest immense data volumes, identifying meaningful patterns and surfacing tailored insights for each and every customer. 

“It’s personalisation democratised – no longer a luxury for the wealthy few, but a reality for banking’s mass audiences.”

AI in banking: Understanding the vertical

Of course, delivering personalisation at scale is not merely reliant on AI, it requires a deep understanding of the banking vertical itself. 

Personetics is one such company that delivers more than just technical prowess, “we deliver the products, the operations and the unique customer mindsets that make financial decisions so nuanced”, notes Jody.

“Vertical specialisation allows us to precisely map AI-driven insights to each bank’s offerings and customer base. We don’t deliver generic advice – our recommendations perfectly complement a bank’s portfolio while respecting cultural nuances.”

Indeed, having a deep understanding of the market helps foster the most important requirement banks need when adopting new AI capabilities: trust. 

For Jody, trust and controls in AI and analytics remain the biggest barriers to large-scale adoption. “This is why results matter more than rhetoric,” he says. 

“By consistently demonstrating the accuracy and value of our AI-driven personalisation, the capability is becoming more widely embraced by banks of all sizes. 

“Banks see the positive impacts on customer engagement, cross-selling, and loyalty. We are building trust by delivering measurable outcomes.”

AI-powered banking is the future

Despite trust continuing to be a persistent barrier, Jody is certain of AI’s role in powering the future of banking. 

“It’s a future built on the intelligent use of data,” he concludes, “those valuable nuggets of insight buried within the millions of daily transactions happening all around us. 

“By harnessing this immense power responsibly and strategically, banks can redefine what it means to truly know their customers.

“The Age of AI has arrived in banking, and we couldn’t be more energised to lead this charge alongside forward-thinking institutions. Embracing data-driven personalisation is key to both surviving and thriving in tomorrow’s hyper-competitive financial landscape.”

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