Personetics Conversational AI Capabilities Highlighted in New IDC Innovators Report
Personetics is chosen as an IDC Innovator for the combination of its capable conversational Al platform, deep domain expertise in banking and finance, and the ability to provide banking consumers with proactive advice and guidance in their daily financial lives
Personetics conversational AI capabilities are highlighted in a new report published by International Data Corporation (IDC), profiling five technology providers that are considered key emerging vendors in the conversational AI market.
According to IDC, the market for intelligent assistance is growing rapidly, fueled by the use and acceptance of consumer tools like Google Assistant, Apple Siri, Microsoft Cortana, and Amazon’s Alexa as well as increasing use of same and similar technology in enterprises.
Personetics’ Cognitive Banking Brain provides a platform that makes use of conversational AI to enrich the communication channels used by banks to engage their customers. Personetics’ state of the art conversational abilities complement the core capabilities of the Personetics platform – analyzing individual customer finances, predicting future cash flows and needs, and providing personalized guidance to help customers improve their financial lives.
Domain knowledge is the key to intelligent conversations
“The ability to understand natural language inquiries is moving forward quickly. What leaves many wanting is the ability of the conversation to provide accurate and helpful content – things I need to know now and what I should do about it,” said David Sosna, Personetics Co-founder and CEO.
Nowhere is this truer than when it comes to managing our money. “The key is to have deep knowledge and AI capabilities that are focused on a specific domain – financial in this case – and therefore intelligent enough to be helpful and valuable to the customer,” adds Sosna.
Staying one step ahead of the customer with proactive assistance
While most conversational platforms are designed to respond to customers’ inquiries, research shows that significantly higher engagement levels can be achieved by proactively engaging customers and offering personalized insight and guidance.
Constantly analyzing individual customer transaction stream, the Personetics Cognitive Banking Brain enables banks to identify and predict issues and opportunities related to specific transactions, personal spending trends, and savings opportunities. It proactively prompts customers with relevant insights, providing forward-looking advice to help customers manage their money and improve their financial wellbeing.
“Leading financial institutions recognize that conversational capabilities alone would fail to satisfy customer expectations in the digital age as long as they are limited to basic account balance and transaction information,” said Personetics’ Sosna. “While conversational assistants are gaining popularity, the ones that will end up the winners are those that deliver smart interactions based on true understanding of customers’ financial behavior and needs.”