Personetics, a fintech that uses AI to help financial institutions boost customer personalisation and engagement, has secured a $75 million investment from Warburg Pincus.
Personetics' proprietary AI software platform analyses customer financial data and behaviour in real-time. Banks can then use a host of tools to quickly modify hundreds of pre-programmed insights and build customised user journeys.
The technology is being used by over 95 million bank customers across clients such as US Bank, RBC, Santander, Metro Bank, and MUFG, analysing billions of transactions daily.
Personetics claims that these banks are seeing big benefits to the hyper-personalised approach, with up to a 35% increase in digital customer engagement, a 20% increase in account and balance growth, and a 15% increase in the adoption of personalised product recommendations and advice.
David Sosna, CEO, Personetics, says: "The financial services industry is reaching a tipping-point in mobile adoption and setting a new standard in Smart Personalised Engagement. Personetics has set out down this path and has launched its vision of Self-Driving Finance.
"We are looking to quickly expand our global footprint with new partners and clients, and support our existing customers with innovative business solutions. We are very excited to be partnering with Warburg Pincus on this journey."