Huntington Bank’s new AI-driven tool plugs a savings gap

  • “Huntington Bank launched an automated savings feature, per American Banker, augmenting its digital banking rethink from several years ago centered around budgeting, cash flow analysis, and goal setting.
  • Huntington’s sweep feature maxes out at $150/week, which adds up to nearly $8,000/year.”

https://www.businessinsider.com/huntington-bank-ai-savings-tool-could-have-real-impact-2020-9

AI Savings Tools Help Financial Brands Boost Organic Deposit Growth

  • “Nearly half of U.S. banks saw a decline in deposits in 2017, according to The Wall Street Journal.
  • the top three U.S. banks — JPMorgan Chase, Bank of America and Wells Fargo — captured 45% of all new checking accounts in the U.S. in 2017
  • Since 2016, U.S. digital banks have achieved a 14.2% deposit growth rate, compared to 5.4% for traditional banks.”

https://thefinancialbrand.com/85889/digital-engagement-financial-brands-ai-artificial-intelligence-bank-deposits/


Jody Bhagat

President of Americas at Personetics

http://linkedin.com/in/digitalbusinessgrower


Personetics – http://personetics.com

A vendor stepping up with ai for business banking

  • Personetics brings AI to small business banking
    • “As many as 90% of small business owners would like to conduct their banking activities digitally, but only 41% do it today.
    • Two-thirds of the respondents want online cashflow management, forecasting, and budgeting tools from their bank.
    • Only 14% are currently getting financial guidance from their bank.
    • ‘Small business banking is poised to become the next frontier for AI-driven customer experience,’ said Alenka Grealish, Senior Analyst at Celent Banking Practice.”

  • Company Information

    Personetics – https://personetics.com

    David Sosna, Co-founder and CEO

    http://linkedin.com/in/david-sosna-2b933021

    https://personetics.com


    Case studies

    RBC wins Model Bank Award for Personal Financial Experience

    https://personetics.com/resource_center/royal-bank-of-canada-nomi-winner-of-celent-model-bank-2018-award-for-personal-financial-experience/

    AI, Metro Bank and Personetics

    How AI and Big Data will Transform Banking in 2019

    Metro Bank is already doing that with Insights, an in-app money management tool that gives customers complete control of their finances. It alerts customers when there’s not enough money to cover a likely spend, recommends a top up before an automated payment is due, flags if a customer has accidentally been charged twice and alerts the customer when there has been any kind of unusual activity.

    https://insidebigdata.com/2019/04/09/how-ai-and-big-data-will-transform-banking-in-2019/


    Metro Bank personalises advice with Insights

    Metro Bank has gone live with Insights, an in-app money management tool, which uses artificial intelligence (AI) to generate bespoke tips and alerts.

    The feature was developed with Personetics, a developer of an opt-in tool for predictive analytics of users’ spending patterns.

    As well as alerts that anticipate customers’ spending, users will be able to see a breakdown of where their money goes each month, delve into individual spending categories, and receive bespoke tips about how to manage their finances, based on their specific circumstances.

    https://www.bankingtech.com/2018/10/metro-bank-personalises-advice-with-insights/


    https://personetics.com