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May 16, 2024

Understanding AI’s Impact on Banking

At Citi’s recent 2024 FinTech Conference, discussions around AI in financial services took center stage. As someone who has spent years at the forefront of this revolution, I was excited to share my insights on data-driven personalization and its incredible potential for banks.

Tapping into the Goldmine of Transaction Data

Banks have traditionally relied on conventional data sources like browsing behavior or credit bureau information to understand their customers. But at Personetics, we’ve unlocked a far richer vein – the goldmine of transaction data that banks already possess.

By analyzing deposits, card usage, and payment patterns, we gain amazing visibility into each customer’s financial life. This intel allows us to construct detailed personas, anticipating needs and delivering hyper-personalized recommendations in real-time. Whether it’s avoiding overdrafts, maximizing savings, or monitoring transactions, our AI models ensure every insight hits the bullseye.

Personalization at Massive Scale

What sets us apart is our ability to deliver this level of personalization at scale. AI is a great equalizer. Our models ingest immense data volumes, identifying meaningful patterns and surfacing tailored insights for each and every customer. It’s personalization democratized – no longer a luxury for the wealthy few, but a reality for banking’s mass audiences.

The Power of Vertical Specialization

Of course, effective personalization requires more than just technical prowess. It demands a deep understanding of the banking vertical itself – the products, the operations, the unique customer mindsets that make financial decisions so nuanced.

At Personetics, we’ve spent years studying global banking behavior across diverse markets. This vertical specialization 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.

Building Trust: The Final Frontier

For all its promise, AI adoption still faces hurdles. Trust and controls remain the biggest barriers as financial institutions leverage the power of AI and advanced analytics. This is why results matter more than rhetoric. By consistently demonstrating the accuracy and value of our AI-driven personalization, 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.

The AI-Powered Future of Banking

As AI rapidly evolves, I’m incredibly excited about the future we’re helping influence for banks and their customers. A future where every interaction is thoughtfully personalized, and where customers feel understood and empowered to make smarter financial choices.

It’s a future built on the intelligent use of data – 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 energized to lead this charge alongside forward-thinking institutions. Embracing data-driven personalization is a key to both surviving and thriving in tomorrow’s hyper-competitive financial landscape.

Want to explore how your bank can harness the power of AI to engage and serve customers? Request a demo now

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Jody Bhagat, President of Americas, Personetics

Jody Bhagat

President of Americas, Personetics

Jody brings deep operating experience in financial services – managing direct channels, launching digital ventures, and leading digital transformation programs. He was previously a Partner at McKinsey & Company, where he helped financial institutions define and execute digital transformation programs to drive customer growth and operating efficiency. Jody also served in senior digital operating roles at U.S. Bank, Wells Fargo, and Providian. In these positions, he led digital sales and service functions and direct to consumer businesses to deliver organic growth and enhanced customer experience. Jody has an MBA from Northwestern University and a BS in Computer Engineering from The University of Michigan.

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