Personetics integrates Plaid open banking data

AI-driven cognitive banking platform Personetics has partnered with Plaid to offer banks and credit unions a wider view of their customers’ finances.

The arrangement brings together a bank’s own account information with data from other connected accounts, including transactions, liabilities, investments and other financial activity.

The combined set-up gives financial institutions access to Plaid’s open banking connections and Personetics’ AI-based personalisation through a single integration route.

Through the integration, the companies aim to turn scattered financial data into actionable insights and engage customers more effectively.

Personetics said it will use its AI models to identify financial insights, recommendations and suggested actions.

These will be delivered through a bank’s existing digital channels.

Plaid partnerships head Adam Yoxtheimer said: “Financial institutions want to serve the whole customer via their own digital platforms. Historically, customers couldn’t stay within those platforms and get a 360º view of their finances through a purpose-built UX.

“That’s why we are excited to partner with Personetics, who have designed experiences that live within those platforms, enabling financial institutions to identify opportunities and take action across their customers’ financial lives, not just what flows through a single account.”

Personetics said the broader data view can help banks and credit unions hold on to deposits and identify additional cross-sell opportunities.

For consumers, the integration is meant to support a more tailored digital banking experience.

Data from connected accounts can be used to help customers save more, avoid fees, manage debt and make better-informed financial decisions within the banking services they already use, noted Personetics.

The firm also said its Engagement Builder can use open banking data to support personalised campaigns based on customer needs, such as debt consolidation, fee reduction and savings opportunities.

In addition to its Open Finance Intelligence offering, banks and credit unions can use Plaid data to build customer insights, triggers and engagement journeys at scale through Engagement Builder, without creating AI models from the ground up.

Personetics CEO Udi Ziv said: “Banks and credit unions have spent years trying to earn a bigger share of their customers’ financial lives, and open banking finally gives them a real way to do it.

“When we can bring in data from accounts a customer holds elsewhere, we can surface insights that reflect their full financial picture and help them take smarter action based on it, not just what’s sitting in one account. That’s what builds primacy over time, and it’s why we see this as such a natural fit with Plaid.”