What does the solution offered by the US-Israeli FinTech Personetics entail?
Personetics provides a white label solution that is embedded into the bank’s digital channel (e.g. mobile, web) and used by the bank to better serve and engage individual customers and SME’s. Personetics’ solutions are used by leading banks worldwide, serving over 45 million bank customers.
Focus on the solution’s concrete applications
Personetics’ Cognitive Banking Brain is used by the world’s largest financial institutions to transform everyday banking into personalized interactions that help customers take control of their finances and reach their financial goals. The Cognitive Banking Brain is powering three applications that deliver the following capabilities:
- Engage - Proactive Insight and Advice: Enables the bank to guide customers with AI-powered personalized insights and advice along the financial journey
- Act - Automated Money Management: Empowers the bank to take action on behalf of customers to help them reach their financial goals
- Assist – Proactive Conversational Assistance: Allows the bank to engage and respond to customers anytime anywhere with conversional knowledge-rich interactions.
What types of technologies is the service based on?
Personetics solutions feature a combination of built-in financial intelligence and conversational proficiency with advanced AI and predictive analytics capabilities.
Does it spell the end of human relations between customers and advisors?
Of course not! There are things that machines can do better than people, and things that people continue to do better than machines. The smart bank will find the right combination of human and machines to optimize how it serves its customers.
In what specific ways is it innovative?
Empowering the bank to provide each individual customer with insight, advice, and actions that are highly personal, relevant, and useful at any given moment is rather novel – it enables banks to serve the customer in a way that was previously impossible neither in person nor through the digital channel.
What measures ensure that it is not intrusive and respects the RGPD?
The analytical accuracy of Personetics’ proactive insights is key in only presenting information to a customer when there is a very high probability of it being useful, personalized and timely - it is this aspect which customers appreciate and perceive the service as being useful and valuable. The system has a learning algorithm to improve performance with usage and customers can provide feedback if they like or don’t like insights to tune whether they are presented or not and how they are prioritized.The system can be configured to comply fully with RGPD.
When did the collaboration with BNP Paribas begin?
The collaboration started 18 months ago when a delegation of top BNPP management came on a scouting trip to Tel Aviv, Israel, to meet innovative start-up companies in the country.
In collaboration with Sophie Heller (PACE - Chief Operating Officer - Retail Banking & Services BNP Paribas), BGL BNPP Luxembourg decided to play a role as “innovation lab” for the group by testing the Personetics ENGAGE solution.
We ran a very successful 4-month Pilot, the Personetics solution has now been acquired and is being deployed in Luxembourg to give BGL competitive advantage in the market. A global framework agreement has been put in place with the group, so that other entities of the BNPP group can benefit from BGL’s experience without having to go through such a long testing program.People from PACE and BGL help us to promote the Personetics solutions in other entities of the group.
the Personetics solution has now been acquired and is being deployed. A global framework agreement has been put in place, so that other entities of the BNPP group can benefit
What were the results of this testing phase?
Personetics applied its proven pilot methodology which gave the results expected. Lessons learnt were mainly on the data side, it always takes longer to provide data than expected! A global framework agreement has been put in place with the group, so that other entities of the BNPP group can benefit from BGL’s experience without having to go through such a long testing program.
What did you take from the 2017 edition of VivaTech alongside BNP Paribas?
Shared evangelization on stage with Sophie Heller around the value of providing personalized financial guidance to customers and ideas on how to expand beyond retail customers to Wealth Management for example.
Why did you decide to return for the 2nd year in a row?
Continuing development of existing solutions, and new capabilities, mainly around automated savings. This is a good opportunity to share the success story of Personetics being validated and selected by BGL BNPP Luxembourg. Our expectation is to create lots more interest in other entities of the group.
What are the next steps for Personetics?
Personetics has posted a 2x annual growth rate over the past few years, and we expect robust growth in the coming year as well. We want to strengthen our collaboration with PACE to promote the adoption of Personetics in other entities of the group.
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