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IeDigital acquires AI fintech software house Abaka

Source: ieDigital

ieDigital has today announced the acquisition of ABAKA, the AI - recommendation engine platform which uses machine learning and behavioural segmentation software to predict which products – such as banking products, savings accounts or retirement solutions – are the most likely to be bought by financial services consumers.

The specialist insights offered by ABAKA enables financial services firms to provide their digitally-savvy customers with ultra-personalised services - something consumers are increasingly expecting against the backdrop of today’s ever-competitive financial services landscape. ABAKA’s AI technology analyses thousands of data points for millions of customers at the same time to accurately predict their needs and demands to deliver a hyper-personalized digital experience at scale. ABAKA’s full stack modular platform also enables financial services firms to provide contextualized engagement and personalised product offers while streamlining operations and processes.

The purchase of ABAKA by ieDigital comes just three months after the acquisition of Connect FSS, the US-based digital banking Software as a Service (SaaS) technology provider, and forms the latest stage in ieDigital’s evolution into a global digital solutions provider for the financial services sector. ieDigital, ABAKA and Connect FSS will form a new group under the leadership of Jerry Young, Chief Executive Officer (CEO). At this time, the three companies will retain their separate brand names in their respective markets, with separate websites.

Jerry Young, CEO of the ieDigital Group, said: “When customers feel understood and valued, they are much more likely to remain loyal to their financial services provider, a trend that is becoming ever-more important in today’s crowded landscape. An important tool for delivering this is the ability to provide personalised experiences, offers and communications which are timed to resonate directly at a specific period in a customer’s lifecycle.

“Consumers now expect nothing less than the most sophisticated, targeted online customer services channels possible. If financial services organisations fail to provide these; or even worse, communicate with their customers using a general scattergun approach, they will alienate them and encourage them to look elsewhere - and with the huge number of providers now out there, people won’t need to look very far.”

Fahd Rachidy, Founder of ABAKA, said: “ABAKA has built its core business model on helping our clients unlock the full potential of AI to transform the way they do Sales and Marketing, and deliver a highly engaging personalised customer experience at scale. By joining with ieDigital, a strong, ambitious firm which shares many of the same values as ABAKA, I know we will enter 2024 with renewed vigour. We will also be in the best shape possible to better serve our clients, and help them continue to attract, retain, and build long term relationships with their increasingly demanding customers.”

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