Speaking at Citi's 2024 FinTech Conference, Personetic's President of Americas, Jody Bhagat, examined how data-driven personalization may lead to better customer experiences and hinted at the future revolutionary possibilities of artificial intelligence in banking.

More specifically, Bhagat and Personetics have been at the forefront of developing state-of-the-art know your customer (KYC) technologies for the financial services sector, which have enabled more personalization.

At Money20/20 USA 2023, he provided us with further information on how Personetics is enabling financial institutions.

Jody now discusses the advantages banks are seeing as a result of using data to better understand their customers.

Transaction data: A bank's treasure trove
While banks have historically depended on traditional data sources, such as credit bureau information and insights into browser behavior, they are now opening up their vast databases of transaction data.

Jody states, "This is a far richer vein; a goldmine," which Personetics helps its customers access.

"We gain amazing visibility into each customer's financial life by analysing payment patterns, card usage, and deposits," he claims.

With the use of this intelligence, we are able to create comprehensive profiles, anticipate requirements, and provide highly customized suggestions instantly.

"Our AI models ensure that every insight hits the bullseye, whether it's monitoring transactions, maximizing savings, or preventing overdrafts."

Personetics is able to provide the same degree of deep personalization at scale by utilizing the most recent advancements in AI technology.

Jody continues, "AI is the great equalizer." Massive amounts of data are ingested by our models, which then uncover significant trends and present customized insights for every client.

"It's democratized personalization; it's no longer an affluent few's luxury but a reality for banking's mass audiences."

AI in finance: Recognizing the vertical
Naturally, providing personalization at scale calls for more than just AI; it also need a thorough knowledge of the banking industry.

One such business that provides more than just technical expertise is Personetics; according to Jody, "we deliver the products, the operations and the unique customer mindsets that make financial decisions so nuanced."

We are able to precisely connect AI-driven insights to the products and clientele of each bank thanks to vertical specialization. Our recommendations respectfully consider cultural quirks and properly align with a bank's portfolio—we don't offer generic advise.

In fact, the most crucial prerequisite that banks must meet when implementing new AI capabilities is trust, which is fostered by having a thorough grasp of the market.

According to Jody, the largest obstacles to widespread use of AI and analytics are still trust and controls. He states, "This is why outcomes are more important than words."

"Banks of all sizes are embracing the capability more and more as we continuously show the accuracy and value of our AI-driven personalization.

"Banks observe the favorable effects on client loyalty, cross-selling, and engagement. By achieving demonstrable results, we are fostering a culture of trust.

The future of banking is AI-powered.
Jody is certain that AI will play a significant part in driving the future of banking, even though trust remains a constant hurdle.

"The future is based on the strategic utilization of data," he says, referring to the priceless pearls of wisdom concealed within the millions of everyday transactions that take place all around us.

"Banks can redefine what it means to truly know their customers by strategically and responsibly utilizing this enormous power."

"The banking industry has entered the Age of AI, and we are thrilled to be leading this revolution with progressive organizations. Adopting data-driven personalization is essential to prospering in the fiercely competitive financial environment of the future.