Vietnam Technological and Commercial Joint Stock Bank, also known as Techcombank, has tapped data-driven personalization expert Personetics to facilitate AI-powered money management capabilities for its clients.
Techcombank is leveraging the partnership to help promote financial wellness among its nearly 11 million customers. Personetics’ expertise in providing personalized banking experiences will bring the bank’s customers personalized, automated money management capabilities. For example, Personetics will help Techcombank analyze customers’ financial transactions, aggregate bank accounts, and provide valuable insights about unexpected payments, excessive spending, and insufficient account balances. As a result, customers will receive tailored suggestions on savings, asset growth, and card usage to help achieve their goals.
“At Techcombank, our mission is to revolutionize the way our customers manage their finances to achieve more in life,” said Techcombank Chief Digital Officer Pranav Seth. “We believe that data-led insights and personalized financial solutions are the key to unlocking true financial wellness and will enable our customers to make smarter financial decisions that align with their unique goals and challenges. From identifying new savings opportunities to proactively monitoring spend, our ultimate goal is to empower our customers with unprecedented convenience and control. Our partnership with Personetics marks a significant milestone in our long-term vision of enhancing our customers’ lives by making banking hyper-personal to each and every customer.”
Techcombank has already undergone a beta testing period with Personetics that included 10,000 end customers. After three weeks, the bank saw savings balances increase 9%, had average log-in rates increase from 14.2 times per month to 77.3 times per month, experienced a 43.7% increase in installments volume, and a 32% increase in total installment value.
Headquartered in New York, and with offices in London, Tel Aviv, and Singapore, Personetics counts more than 135 million bank customers across the globe. The fintech was founded in 2010 and strives to help banks create “self-driving finance” experiences for its customers. Under this concept, banks leverage AI to proactively act on behalf of their clients to help them achieve their financial goals.
Last November United Overseas Bank tapped Personetics for its Auto-Save feature that finds “safe-to-save” funds by analyzing a user’s spending habits over time. The fintech partnered with sustainability-as-a-service company Ecolytiq after Earth Day last year to launch Sustainability Insights, a tool that analyzes consumers spending to show them the carbon emissions of their spending and investments.
An alum of FinovateFall 2016, Personetics has raised $178 million from investors including Thoma Bravo, Warburg Pincus, Lightspeed Venture Partners, and more. David Sosna is CEO.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Source: https://finovate.com/techcombank-taps-personetics-for-money-management-capabilities/
