SaaS solution applies AI and advanced data analytics to deliver hyper-personalized insights and advice via BPI’s mobile banking app tool, Track and Plan
SINGAPORE, Nov. 7, 2023 /PRNewswire/ — Bank of Philippine Islands (BPI) and Personetics, a global leader in financial data-driven personalization and customer engagement, announced a partnership to execute the bank’s advanced personal financial management (PFM) strategy by providing enhanced hyper- personalized digital experience capabilities for their customers.
BPI recently launched the Track and Plan tool on the new BPI app, which analyzes financial activities of individual users on the app and shares personalized insights on spending habits. This is in line with the bank’s thrust on digitalization, customer obsession, and sustainability.
To achieve BPI’s goal of enhancing customers’ financial well-being and strengthening their financial literacy, the BPI Track and Plan uses Personetics’ AI-powered and advanced data analytics solution to create personalized recommendations for over four million active digital customers, based on each individual’s financial transactional data.
With the introduction of the new BPI app, and the Track and Plan tool, the bank has empowered customers with self-service options for depositing funds, paying bills and other transactions. Partnering with Personetics, the bank is now strengthening its customer relationships with value-added advisory services and 20 out-of-the box hyper-personalized insights to help customers manage cash flows, make informed financial decisions, and save.
Personetics’ Engagement Platform enriches personal savings and debit card data and categorizes it in ways that are meaningful for BPI customers. It applies AI, machine learning, and natural language programming (NLP) models to the enriched data to generate, manage, and deliver hyper-personalized, easy-to-understand insights, and actionable recommendations. Personetics Engagement Builder enabled BPI Track and Plan to tailor insights to the specific sensitivities, behaviors, and concerns of their customer base, and rapidly generate new insights as needed.
“As the first bank in the Philippines, BPI has a long history of industry leadership, and today, it provides the most advanced digital capabilities of any bank in the country. We are proud to be the first to empower our customers with rich, personalized recommendations and insights,” remarked Fitzgerald Chee, Head of Consumer Platforms at BPI. “Personetics is an ideal partner in providing our customers with the tools and direction they need to become more involved and active in shaping their own financial future.
“We are delighted that BPI, the pioneer in providing advanced PFM for banking customers in the Philippine market, has chosen Personetics as its partner in this exciting endeavour. As a bank with a long and illustrious history of providing innovative services for both consumers and businesses, BPI is an ideal partner in ensuring that Personetics is spot on in addressing consumers’ unique banking issues and financial concerns. We are fully committed to supporting the bank in its effort to advance financial literacy and well-being and welcome the opportunity to work closely with BPI to create even more value for the customers it serves,” said David Sosna, CEO and Co-founder of Personetics.
The planned integration of credit card data will enable BPI to offer customers additional tools to enhance personal financial management and wellness. Additional next steps include the addition of ACT auto-savings and sustainability insights to help customers set and reach savings goals, as well as back-office integration with Salesforce.
As a leading provider of financial services with over 6 million retail customers, and an industry pillar in the Philippines, BPI proudly carries on the tradition of reinventing and redefining the country’s economic landscape by financing many private and public sector initiatives and enterprises in support of economic growth and nation building. Personetics is excited and humbled to help support BPI in advancing its digital banking innovations and commitment to sustainability that continue to help build a better, more inclusive Philippines.
Personetics is the global leader in financial data-driven personalization, customer engagement, and advanced money management capabilities for financial services. It is creating the future of “Self-Driving Finance,” where banks can proactively act on their customers’ behalf to help improve their financial wellness and achieve financial goals.
Its industry-leading data analytics solutions harness customer financial transaction data to provide day-to-day actionable insights, personalized recommendations, product-based financial advice, and automated financial wellness programs. It offers solutions for mass market consumer banking, SMB banking, wealth management, and credit card issuers.
It drives business impact for financial institutions by improving relevant product targeting for accurate, efficient cross-selling and upselling. It helps financial institutions deepen their customer relationships, increase core deposits and customer retention, expand share of wallet, and boost Customer Lifetime Value.
Personetics currently serves over 130 financial institutions spanning 34 global markets, reaching 135 million customers. We are backed by leading venture capital and private equity investors, with offices in New York, London, Tel Aviv, Singapore, Tokyo, Paris, Spain, and Australia.
Learn more at personetics.com
The 172-year-old Bank of the Philippine Islands is the first bank in the Philippines and Southeast Asia. We are licensed as a universal bank by the Bangko Sentral ng Pilipinas to provide a diverse range of financial services: deposit taking and cash management, payments, lending and leasing, asset management, bancassurance, investment banking, securities brokerage, and foreign exchange and capital markets. BPI has significant financial strength, with robust Tier 1 capital adequacy ratios and profitability, underpinned by stringent compliance and risk management regimes. Learn more at www.bpi.com.ph.