United Overseas Bank invests into Personetics, to support its own AI capabilities

Singapore-based United Overseas Bank (UOB) has invested into and partnered with Personetics, to support its AI-based solutions.

By using Personetics’ cognitive analytic capabilities, UOB will be able to draw deeper insights from its transaction data to identify individual transaction patterns to make customer experience more engaging. With the insights, UOB can offer customers with real-time, personalised and insightful guidance to improve saving, spending and making better financial decisions.

Over time, the information will also be used to encourage and reinforce behaviour which maximises savings and help them reach their financial goals. This would include anticipating and prompting a customer whenever there are insufficient funds to cover impending expenses, if there are any unusual or suspicious activity, and highlighting saving opportunities.

Dennis Khoo, head of regional digital bank and strategic initiatives at UOB, said, “Given the advances in AI, machine learning and data analytics, we will use Personetics’ tools to deepen our understanding of customer behaviour 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.”

Israel-based Personetics is an AI solution which implements a suite of analytics tools, and machine learning and pattern recognition algorithms. Its Cognitive Banking Brain currently serves over 50 million bank customers globally and helps financial institutions develop their digital banking experience through personalised guidance, automated financial decisions and simplifying money management.

Personetics co-founder and CEO David Sosna added, “Today, UOB becomes 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.”

Last month, UOB announced a joint venture with Avatec.ai. The solution is a credit assessment tool which uses AI, machine learning and anti-fraud algorithms to judge credit quality. The solution will be deployed in Southeast Asia over the next two years.

Copyright © 2018 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.