Personetics: The Future of AI-Driven Personalised Engagement

Personetics is in a unique position to enable hyper-personalised customer engagements to happen with banks and building societies.

With an ability to elevate customers’ financial well-being and advise them with their day-to-day finances, the company is designed to help identify financial opportunities or alert them to financial issues. As a result, it can inform both the bank and the customer and lead to smarter action.

Having been with the company for nearly six years, Dorel Blitz has been witness to the benefits for banks that he says are driving true customer growth. We spoke with him whilst attending MoneyLIVE Summit 2024 at London’s QEII centre, about how Personetics harnesses artificial intelligence (AI) and automation to help customers proactively manage money in their daily lives.

What customers expect from Personetics

“When you are actually logging into your mobile banking application or on desktop, what you are seeing, all of this hyper personalisation engagement. Insights, advice and savings tools are actually driven by Personetics,” Blitz says. “We touch over 1.5% of the world population through over 130 banks in 35 markets.”

The company's AI-powered models identify free access cash and can automatically move variable amounts of money into a customer’s savings account via the power of automation. As well as keeping these processes safe, it is also designed to help customers save and make the most out of their money.

“We make sure to help customers better manage their financial lives,” Blitz adds. "On the flip side, because we are selling to banks, we are helping banks to effectively sell, to engage and interact with customers effectively and to maximise the value of every customer interaction.

“We do believe that we can really bridge the gap of helping banks to leverage their biggest asset - their own customer's transactional data.”

Helping banks optimise customer experience

Personetics prides itself on using the power of AI within the context of transactional data, automation and predictive analytics. Blitz explains that the company has been harnessing AI for 13 years, with more registered patent-protected machine learning and AI models.

“Once we have this customer-level financial map and behaviour analysis, we can proactively engage with you every time you are logging in or through push notifications, in-app insights or maybe through your banker or your financial advisor,” he notes.

“Banks are using our engagement platform to make sure that you are receiving the right amount and the right mixture of different insights, alerts, recommendations, budgeting tools or product-based advice capabilities according to your existing or future financial situation. So we are helping banks and guiding them through this process.”

Blitz also highlights that the company can offer customers the ability to track spending and receive advice.

“We offer the ability for banks to improve the sales conversion rate without changing their products or pricing, but connecting that to a real financial need and through a meaningful personalised engagement,” he highlights.

“What is really unique, and what a lot of banks are thinking of, is how to leverage this transactional data to effectively engage resulting in more loyal customers, but on the other side, how to make sure that banks are effectively selling their customers.

“Instead of trying to sell you on the loan, we are helping banks just to interact with you, to provide you insights and increase your engagement and trust."

Maximising data with the power of AI

For Blitz, not everything is customer-facing. He explains that Personetics helps bankers boost productivity and foster better customer engagement.

The company works with data and marketing teams within the banks to identify savings potentials, capture external money and understand customers’ flow of funds. In addition to opportunities that they can leverage to provide customers with real-time value.

“Once the customer is connecting his open banking data, we can instantly use our AI models to provide aggregated and holistic financial behavioural analysis,” Blitz highlights. “As a result, we can provide you a much better additional set of insights around what's going on, what you should be aware of and advice you on how to smartly manage your finances.”

He also explains that banks often only rely on the data they have and are not able to fully utilise it. With this in mind, Personetics can enable banks to not only get access to all of the data, but actually action the data in real-time and provide competitive customer offers.

“We are always thinking about new ways to match financial needs with customers and to match customers' financial transactional data with banks' needs.”

The company is also working with banks by using their existing AI models and combining them with its own capabilities - all to better categorise customer data.

On this, Blitz says: “AI is still a big question mark when it comes to sensitive data like transactional data. The reality is it's an open source model, it's an outside model and to combine that with financial transactional data is going to be super challenging.

“Personetics also uses self-learning mechanisms to help the company optimise to the right service level.”

He adds: “We already have our proprietary chatbot for banking business, but we are also using ChatGPT to increase the accuracy to have much longer conversations and better identify customer intent.”

He also explains that banks often only rely on the data they have and are not able to fully utilise it. With this in mind, Personetics can enable banks to not only get access to all of the data, but actually action the data in real-time and provide competitive customer offers.

“We are always thinking about new ways to match financial needs with customers and to match customers' financial transactional data with banks' needs.”

The company is also working with banks by using their existing AI models and combining them with its own capabilities - all to better categorise customer data.

On this, Blitz says: “AI is still a big question mark when it comes to sensitive data like transactional data. The reality is it's open source data, it's an outside model and to combine that with financial transactional data is going to be super challenging.

“Personetics is also utilising self-learning mechanisms to help the company optimise to the right service level.”

He adds: “We already have our own proprietary chatbot for banking business, but we are also using ChatGPT to increase the accuracy to have much longer conversations and better identify customer intent.”

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