Personetics, the leading global provider of financial-data-driven personalisation and customer engagement solutions for banks and financial services providers, announced it has raised $85m in growth funding from Thoma Bravo, a leading software investment firm.
Personetics doubled its valuation and secured funding of over $160m in 2021, backed by Viola Ventures, Lightspeed Ventures, Sequoia Capital, Nyca Partners and Warburg Pincus PE.
Personetics has also announced that it is expanding its operations in Australia to service its growing portfolio of customers in the Australian region.
Personetics in cohort with financial institutions
Operating in a global market worth $15 billion, Personetics’ AI-based engagement platform is becoming a market standard in financial-data-driven personalization, customer engagement and money management for global financial institutions across all channels.
Personetics partners with financial institutions to re-invent financial services by integrating AI in customer interaction and creating significant business impact in months.
Personetics’ AI-powered technology is focused on proactive engagement.
The AI-powered technology analyses financial data in real-time thus facilitating understanding of individuals’ financial behaviors, anticipating their needs and acting on their behalf.
Personetics provides enriched data, insights, financial advice, and automated wellness programs, tailored to retail banking, small business, wealth management and cardholders.
Financial Institutions using Personetics’ AI software see an increase of up to 35% in digital customer engagement, a 20% increase in account and balance growth: and a 17% increase in the adoption of personalized product recommendations and advice.
Personetics works with Financial Institutions in Australia like MyState Bank, who are using the AI tech in their mobile banking apps to give customers more control of their financial lives.
Personetics AI revolutionizing the financial sector
It gives account holders personalised alerts, insights and advice in real-time about their financial health, spending and consumption habits, giving them a clear vision of their money.
MyState Bank’s Insights and Auto-Savings, powered by Personetics have placed it in the top 10 of the AFR BOSS Innovation Awards in the banking, superannuation and financial services.
Scott Delaney, the Head of Insight & Innovation at MyState Limited explained this development.
“At our core MyState Bank will always be ‘the human way to bank’. We treat our customers as individuals by providing them with intuitive, trustworthy products and digital services.”
“We believe any experience must feel personalised, help customers stay on top of their money, and make smarter decisions. Working with Personetics has helped MyState Bank transform the way we drive value from our data assets, while engaging with customers.”
“MyState’s data-driven ‘Insights’ capabilities and ‘Auto-Savings’ program developed with Personetics have produced resounding results for our customers.”
“For example, we have helped customers save almost AU$1.4 million collectively, with an average of AU$1,775 automatically saved per enrollment into the Auto-Savings program.”
“More than 18,000 new customers have joined us in the past year. Our advanced money management capabilities will help all our customers better understand their purchase behaviour, and money movements with our predictive cash flow insights.”
“Personetics is helping us get to know our customers a little more, which means we can meet their needs and improve our products and services.”
They leverage open-banking data to boost customer engagement and financial wellness.
These are external account hooks, personalized insights for aggregated account owners, promoting competitive products and affordability analysis support for instant lending.
Personetics’ vision to reshape financial services
Personetics’ vision of ‘Self-driving finance’ is one where Financial Institutions proactively act on behalf of their customers to increase lifetime value and drive business impact.
Combining Personetics’ self-driving finance with open banking/finance will reshape the financial services business model and will accelerate engagement with customers.
Robert Sayle, a Partner at Thoma Bravo also offered insights into this development.
“As the range and complexity of financial products continues to grow, Personetics simplifies and personalizes banking for consumers with its industry-leading AI technology.”
“We are thrilled to partner with Personetics and leverage our operational expertise in software and financial technology to help accelerate the company’s momentum.
“The introduction of new products and technology, and the platform‘s reach to financial institutions and their customers in Australia and across the globe.”
Mandeep Sandhu, Personetics Country Lead for ANZ also shared his views.
“Financial personalization is a frontline for Financial Institutions with opportunities in the Australian market where financial institutions are ready to capitalise on the potential of data-driven personalisation and advanced money management solutions for their customers.”
“Financial services are poised to enter the biggest evolutionary shift since the conception of banking, with many of our clients preparing for the era of Open and Embedded Finance.”
“Getting proactive data driven personalisation right is a key foundational step for every bank, Fintech and Financial Services institution to maintain profitability and survival.”
“Particularly if these businesses want to get advanced money management capabilities right. Through partnership and collaboration, we support our clients to prepare for this change.”
“Australia has forward-thinking banks, fintechs and financial services leaders, and I’m thrilled to be conversing with many innovative institutions in the Australia New Zealand region.”
“Personetics have ambitious plans to triple our local operations’ headcount and customer base in the next two years while providing added support to the existing customer base.”
