Romanian bank Banca Transilvania has partnered with cognitive banking applications provider Personetics to offer AI-powered personalised financial guidance to its customers.

The collaboration will see the integration of the cognitive banking application provided by Personetics with the new version of BT24 Internet Banking and Mobile Banking, scheduled to be introduced this year.

It will help the bank to provide timely and customised insights as well as advice to its customers and help them to manage their finances.

Besides its retail customers, the bank aims to cater to the small business owners and managers by providing personalised insights to help them to optimise cash flow, achieve greater visibility into their business accounts and streamline money management tasks.

Banca Transilvania CEO Ömer Tetik said: “We aim to offer a superior banking experience to our customers by employing the latest advancements in artificial intelligence and machine learning.

“Working with Personetics allows us to shorten time-to-market with pre-built content and knowledge that are embedded into the solution and can be readily applied across our retail and small business segments.”

Personetics co-founder and CEO David Sosna said: “We are excited to work with an innovative institution such as Banca Transilvania with a strong presence in both retail and small business banking.

“With the move towards open banking and PSD2 compliance, the ability to utilize data assets to deliver personalised service and guidance will become a key competitive differentiator for financial institutions in Europe and elsewhere.”