Royal Bank of Canada and Metro Bank (UK) are among the leading banks launching AI-powered personalized insights & advice tools to meet the needs of SMBs
TEL AVIV, Israel, Oct. 16, 2019 /PRNewswire/ -- Personetics, the leading provider of AI-powered personalization, engagement, and advocacy solutions for banks globally, has been seeing a growing demand for tools designed specifically to meet the needs of banks' small and medium business (SMB) customers. Notably, Personetics Self-Driving Technology has been critical to the digital SMB services recently rolled out by two leading banks, the Royal Bank of Canada and UK-based Metro Bank, which are using the tools to provide personalized insights, assist in cash flow management, and offer proactive advice.
A 2019 survey showed a significant demand by small businesses for SMB-focused tools from their financial services providers. As many as 66% of small business owners want online cashflow management, forecasting, and budgeting tools from their bank, as well as real-time personalized guidance from their banks.
Using Personetics' technology, banks can create personalized and real-time solutions to generate tips and alerts for SMB customers, providing valuable financial insights, enabling businesses to make more data-driven decisions and grow their businesses. The new suite of tools is helping small businesses proactively manage their day-to-day banking needs, optimize cash flow, and ensure they have enough liquidity to support future growth, all in a seamless and easy to use platform.
The solution enables business owners and managers to stay in control of their financial affairs anytime, anywhere as it is integrated into the bank's online and mobile experience. SMB feedback, so far, has been overwhelmingly enthusiastic, with the new systems receiving an average rating of 4.6 out of 5 from business users, slightly higher than the average consumer rating.
"We are glad to see Metro Bank and RBC launching these game-changing new products," said David Sosna, Personetics' Co-Founder and CEO. "Small businesses are hungry for new tools to help them manage their finances, a need that is only continuing to grow with the explosion of the gig economy. AI-powered solutions are essential to providing SMBs with the support they need and we're proud to be enabling the world's leading banks to deliver this."
"Life is busy at the best of times, especially if you're running your own business. That's why at Metro Bank we're setting out to build a range of game-changing digital capabilities to help SMEs thrive," said Paul Riseborough, Chief Commercial Officer at Metro Bank. "Business Insights marks the start of our journey to deliver the Capability & Innovation program, and we're well on our way to delivering more digital innovations to SMEs up and down the country. The tool uses AI-powered technology to make banking easier and help business owners save time managing their finances, so they can focus on running and growing their businesses."
"Banking providers should go further — using emerging ai tools, firms will be able to anticipate SME customers' needs and take action, eliminating much of the tedious administrative work that currently pulls SMEs away from what they'd much rather be doing: running and growing their business," said Peter Wannemacher, Principal Analyst (Serving eBusiness & Channel Strategy Professionals) in the 2019 report entitled The Future Of Small Business Banking.
Personetics is the leading provider of customer-facing AI solutions for financial services and the company behind the industry's first Self-Driving Finance™ platform. Harnessing the power of AI, Personetics' Self-Driving Finance™ solutions are used by the world's largest financial institutions to transform digital banking into the center of the customer's financial life – providing real-time personalized insight and advice, automating financial decisions, and simplifying day-to-day money management. Serving over 60 million bank customers worldwide, Personetics has the largest direct customer impact of any AI solution provider in banking today. Personetics customers include 6 of the top 12 banks in North America and Europe and other leading banks throughout the world. Led by a team of seasoned FinTech entrepreneurs with a proven track record, Personetics is a rapidly growing company with offices in New York, London, Paris, Singapore, and Tel Aviv. The company has been named a Gartner Cool Vendor, a Top Ten FinTech Company by KPMG, and a Top Ten Company to Watch by American Banker.
For more information, visit http://personetics.com