Basiq, a financial API platform backed by Plaid, Westpac, Salesforce and NAB has partnered with Personetics, the leading global provider of data-driven personalisation and customer engagement solutions for financial institutions.
The partnership will offer a first-in-market solution to leverage open banking for personalisation based on an individual’s behaviours, preferences and needs.
As consumers live out their lives and interact with their finances digitally, financial data has become increasingly powerful in tailoring financial services to an individual’s banking habits. In Australia, the government has mandated the opening up of this financial data under the Consumer Data Right (CDR). To date, only a handful of institutions have been accredited to receive data and the government is still in the process of developing a consumer awareness program.
Globally, Personetics has already delivered personalised digital banking experiences and are working with over 55 banks globally to boost customer engagement by up to 35% whilst also delivering a 20% increase in account growth and balances. To help accelerate innovation and realise consumer benefit, Basiq and Personetics have partnered for a first-in-market, turnkey solution that allows organisations to leverage open banking data to deliver on the promise of personalisation.
With the Basiq and Personetics solution, organisations can immediately access real-time data from over 100 financial institutions across Australia and New Zealand. The joint solution will translate this data into personalised guidance on day-to-day money management, whether it’s encouraging healthy saving habits, guiding customers to pay off debt quickly or proactively helping customers to move their money from low value to high-value accounts.
The Basiq platform is currently being used by over 200 banks and fintechs to aggregate and enrich data for use cases across financial advice, lending, payments and digital banking. Personetics has helped launch one of the first hyper-personalised bank offerings globally, working with Royal Bank of Canada on their digital assistant NOMI to provide customers with alerts, reminders, tailored insights and automated savings based on their banking habits.
According to Basiq founder and CEO, Damir Cuca, data access, governance and analytics are a utility when it comes to leveraging open banking for personalisation.
"To personalise financial experiences at the individual level, organisations need an ongoing feed to real-time, aggregated data. This is no easy feat, especially as we’re seeing financial data becoming increasingly scattered. Basiq’s role is to take care of all the heavy lifting so that it’s possible to translate data into meaningful customer experiences."
For Personetics Country Lead Australia & New Zealand, Mandeep Sandhu, the power of personalisation lies in the ability to nurture customers into financial wellness and is key to enabling real-time digital experiences.
“During Covid, our clients were able to proactively detect when their customers were at risk and help prevent financial hardship. By working together with Basiq, our vision is to localise these capabilities across the financial services ecosystem and to continue to push Australia as a global power-house for fintech and financial services.”