UOB invests in Israel-based fintech firm to develop AI solutions

They will use Personetics' tools to understand customer behaviour and aid them in their financial decisions.

United Overseas Bank (UOB) invested in fintech firm Personetics and tapped them to upgrade the bank’s artificial inteligence (AI) solutions for Southeast Asian consumers, an announcement revealed.

UOB will utilise Personetics’ cognitive analytic capabilities to get deeper insights from its huge volumes of transaction data for the bank to improve customer experience by analysing individual transaction patterns.

The fintech firm’s cognitive analytics tools include machine learning and pattern recognition algorithms which have been developed for five years for financial service providers.

Gained insights will then let UOB provide customers with real-time, personalised and insightful guidance for their financial decisions.

“Given the advances in AI, machine learning and data analytics, we will use Personetics’ tools to deepen our understanding of customer behaviour and to design more innovative, responsive and responsible digital banking services,” UOB head of regional digital bank and strategic initiatives Dr. Dennis Khoo said.

Through the findings from Personetics’ tools, UOB will help users by anticipating and prompting the customer when their balance may be insufficient to cover upcoming payments, detecting unusual or suspicious account activity, and endorsing ways for them to save more or to spend wisely.

In April 2018, UOB also joined a joint venture called Avetec.ai that has a credit assessment tool which employs AI, machine learning, and anti-fraud algorithms to determine an applicant’s credit quality in mere seconds. It will be deployed across Southeast Asian markets over the next two years.