Personetics: Examining the Effects of AI on Banking

At Citi’s 2024 FinTech Conference, Jody Bhagat, President of Americas at Personetics, discussed the transformative impact of data-driven personalization in banking, as stated in FinTech Magazine. He highlighted how advanced KYC tools are enhancing customer experiences and the future potential of AI in the industry.

Bhagat emphasized the value of transaction data, calling it a «goldmine» that Personetics helps banks unlock. He explained, “By analyzing deposits, card usage, and payment patterns, we gain amazing visibility into each customer’s financial life.” This allows for detailed customer personas and real-time personalized recommendations.

Personetics leverages AI to provide deep personalization at scale. “AI is the great equalizer,” Bhagat stated, noting that their models can identify patterns and tailor insights for every customer. This approach democratizes personalization, making it accessible to all banking customers.

Bhagat also stressed the importance of understanding the banking vertical to deliver precise AI-driven insights. He pointed out that trust and control are crucial for the widespread adoption of AI in banking. “By consistently demonstrating the accuracy and value of our AI-driven personalization, the capability is becoming more widely embraced by banks of all sizes.”

Despite challenges, Bhagat is confident in AI’s role in the future of banking. He concluded, “The Age of AI has arrived in banking, and we couldn’t be more energized to lead this charge alongside forward-thinking institutions.”