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Personetics: the era of cognitive banking is here!

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The Israeli startup Personetics, created in 2011, helps over 30 million digital users of the world’s leading institutions to receive personalized, real-time, relevant guidance at each step along the customer journey. Personetics’ unique advantage is the ability to accurately anticipate individual customer needs and subsequently deliver a truly personalized digital banking experience. During 2017, BGL BNP Paribas has been in collaboration with Personetics to test out these capabilities within BGL’s mobile channel. Hear more about this journey from Jason Curtis, European Sales Manager, himself…

Jason Curtis

Our story starts in 2011 when David Sosna and David Govrin, our founders and serial innovators, created Personetics following the success of their previous brainchild, NICE Actimize. Their idea grew from a desire to personalize banking relationships by using artificial intelligence to provide personalized and useful financial guidance to bank customers. Over the years, that vision has translated into a Cognitive Banking Framework with a complete stack of AI and predictive analytics capabilities that power a suite of three white label applications that can work together and independently of each other –  Engage, Assist and Act.

Engage provides bank clients with proactive and personalized information, insights, and advice which serve as useful, positive suggestions - not ‘spam’ or sales messages. These insights are derived from real-time analysis of customer financial transactions and use machine learning to constantly adjust to customer behavior and improve the accuracy and relevancy of the information delivered. Assist, the second module, is an intelligent chatbot that uses natural language to provide conversational self-service at a very high level of accuracy. Unlike generic chatbots, Assist is designed specifically to serve bank customers, with rich domain knowledge and terminology that greatly improve the accuracy and usefulness of conversations.

Last, but by no means least, is Act, a truly revolutionary solution that is currently deployed by the Royal Bank of Canada. Here at Personetics, we call it ‘automated algorithmic money management’. What does this mean? Customers usually have the opportunity to save but are often disorganized, busy or simply overwhelmed. The answer to this is ‘Find & Save’. Once opted in to the service, Act runs in the background to find small saving opportunities based on your spending patterns and then moves these funds to a special savings account. Whether it is for micro-savings, resolving debt, retirement savings or even high-net worth savings, Act can help. It could be the solution for the Personal Financial Management (PFM) problem as it can co-exist, leverage or even potentially replace PFM. This is a truly exciting part of our business.

We currently serve over 30 million customer of retail banks across three continents, including some of the world’s largest institutions. What differentiates Personetics from the competition is the fact that our solutions are genuinely designed to elevate customer engagement and financial wellbeing through a combination of timely, personalized insights, conversations, and automation – a unique approach that has propelled us to be the market leaders in our sector. Our solutions are purpose-built for the financial industry, rich in financial domain knowledge and with bank-grade performance, security, and compliance built in.

Intrigued by what we offer, the BNP Paribas Group launched an experimental program earlier this year. As a hotbed of diversity, Luxembourg was the perfect candidate for a European case study. It was chosen to be the test site for a Proof-of-Concept (POC) with over 300 BGL BNP Paribas employees, in close collaboration with the Group’s other retail bodies around the world.

 

The close collaboration between BNP Paribas Innovation Group and Personetics resulted in a solution that generated high levels of engagement and satisfaction among participants of the pilot program, leading to the decision to offer the solution to all customers.

Sophie Heller, (Chief Operating Officer of Retail Banking & Services, BNP Paribas) said of our joint initiative: "We do our utmost to constantly improve the support we offer our customers. Personetics allows us to help customers better manage their money by offering instant and relevant information and advice.”

 

Josselin Hébert (Head of Business Innovation & Digital Change at BGL BNP Paribas) outlined “74% of our testers wanted to keep on using Personetics and recommended us to deploy it and propose it to all our customers. Hence, the decision to launch the production project for a roll-out to all individual customers taken in December 2017.”

 

Personetics: Trusted by millions of customers, Personetics enables the world’s leading financial institutions to transform the way they engage and serve their customers in the digital age. Personetics brings a unique combination of financial services domain expertise, tightly embedded into a cognitive application framework using AI, predictive analytics, and Machine Learning technologies to deliver a personalized experience that help customers better manage their financial lives. Personetics is a fast growing company recognized for its unique value proposition and exciting customer base, and was named a Gartner Cool Vendor, a Top Ten FinTech Company by KPMG, and a Top Ten Company to Watch by American Banker. Led by a team of seasoned FinTech entrepreneurs with a proven track record, Personetics has offices in New York, London and Tel Aviv.

The OpenUp Platform connects BNP Paribas employees, working on innovation or business projects, to startups around the world. These can be Fintechs as well as startups in other adjacent services and technologies. The OpenUp App allows startups to apply for projects within the bank, connect to BNP Paribas' experts and post ideas, explaining how their solution can support the bank’s ambitions.

BGL BNP Paribas: Founded in 1919, BGL BNP Paribas now occupies the position of market leader in its home market and has extended its business throughout the Grande Région, including the areas around Luxembourg's borders. It has played an active part in Luxembourg's emergence as an international financial centre and is strongly committed to Luxembourg in terms of corporate sponsorship of both sporting and cultural events as well as sustainable development. In carrying out its business in the areas of Retail Banking, Wealth Management and Corporate & Investment Banking, BGL BNP Paribas offers a particularly wide range of services and products targeted at its individual and professional clients, as well as businesses and institutional investors. BGL BNP Paribas has been part of BNP Paribas Group since May 2009. BNP Paribas is the leading employer in the financial sector and the second-largest employer in the private sector in Luxembourg, numbering today more than 4,000 members of staff.

 

 

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