July 25, 2018
Personetics Partners With UOB to Bring AI-powered Banking to Asia
Working with six of the top twelve banks in North America and Europe, Personetics expands its global footprint with new Singapore office, adds new funding from UOB Group
United Overseas Bank Limited (UOB), one of Asia’s leading financial groups, announced it is partnering with Personetics, the leading provider of Cognitive Banking applications, to bring AI-powered capabilities to the region’s rapidly-growing digital banking user population. UOB is also making an equity investment in Personetics.
Asia-Pacific takes the lead in digital and mobile banking adoption
Personetics’ partnership with UOB coincides with the opening of the company’s new office in Singapore, which will provide a focal point for serving the rapidly-expanding digital banking customer base in the region. A new McKinsey survey shows that digital banking penetration in the region is growing rapidly, reaching up to 97 percent of the population in some countries. Across Asia, digital transactions are 60-400% more frequent than branch transactions.
With such rapid growth, banks in Asia are well positioned to take the lead in digital innovation. According to a Nielsen survey, bank customers in Asia-Pacific are already more engaged in mobile banking activities than customers in any other region. Currently working with leading financial institution in North American and Europe, including six of the largest 12 banks in these regions, Personetics is now expanding its global presence to make a similar impact in Asia.
“We are excited to partner with an innovative institution such as UOB to bring the next generation of digital banking to Asia,” said David Sosna, Personetics’ Co-founder and CEO. “This is a fast-growing market that is dominated by digital-savvy customers with high expectations from their financial services providers. What these customers are looking for now is the next generation of digital banking – hyper-personal, forward-looking, with simplified ways to manage their money and improve their financial wellbeing.”
Personetics and UOB partnership accelerates the bank’s AI drive
The demand for new digital capabilities is driving the need for collaboration between banks and Fintech companies. Dr. Dennis Khoo, Head of Regional Digital Bank and Strategic Initiatives, UOB, said that Personetics’ capabilities will accelerate the bank’s use of AI and enable it to anticipate what customers want and prompt them to be better at saving and smarter at spending. As a result, UOB will be able to create even more relevant and engaging digital experiences for its customers.
“Given the advances in AI, machine learning and data analytics, we will use Personetics’ tools to deepen our understanding of customer behavior and to design more innovative, responsive and responsible digital banking services. Personetics’ powerful AI-driven solutions will complement our existing AI capabilities and enable UOB to take a giant leap forward in having meaningful digital conversations that will help customers make better financial decisions,” said Dr. Khoo.
Through Personetics’ cognitive analytic capabilities, UOB will draw deeper insights from its huge volumes of transaction data to help identify individual transaction patterns that can make the customer experience more engaging. These insights will enable UOB to provide customers with real-time, personalized and insightful guidance to help them make better financial decisions and improve the way they manage their money. This could include anticipating and prompting the customer when their balance may be insufficient to cover upcoming payments, detecting unusual account activity, and highlighting opportunities to save more or spend wisely.
“Leading banks around the world have deployed Personetics’ AI-powered solutions to deepen the engagement they have with their customers. Thanks to these solutions, every day millions of customers are getting personal, forward-looking and useful advice from their banks to help them better manage their financial affairs,” said Sosna. “UOB is the first bank in Asia to join this revolution in digital banking, a step that is demonstrating the bank’s advanced technology vision and its commitment to the financial wellbeing of its customers.”
About United Overseas Bank
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s and AA- by Standard & Poor’s and Fitch Ratings respectively. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia and Thailand, as well as branches and representative offices across the region.
Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.
We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.
Harnessing the power of AI, Personetics’ Cognitive Banking Brain is used by the world’s largest financial institutions to transform digital banking into the center of the customer’s financial life – providing real-time personalized guidance, automating financial decisions, and simplifying day-to-day money management.
Serving over 50 million bank customers worldwide, Personetics has the largest direct customer impact of any AI solution provider in banking today. Personetics now counts among its customers 4 of the top 5 US banks and six of the top 12 banks in North America and Europe, as well as other leading banks throughout the world.
Led by a team of seasoned FinTech entrepreneurs with a proven track record, Personetics is a rapidly growing company with offices in New York, London, Singapore and Tel Aviv. The company has been named a Gartner Cool Vendor, a Top Ten FinTech Company by KPMG, and a Top Ten Company to Watch by American Banker.