Recent Posts

Tags

No tags yet.

Register to get updates:

Singapore Bank UOB Invested in Israeli fintech Startup Personetics

UOB said it will use the company's technology to build on its existing AI capabilities and increase its customer engagement in the next two years

United Overseas Bank has invested in Israel-based AI firm Personetics and plans to deploy its cognitive analytic tools to help customers make smarter banking decisions. 

Founded in Israel in 2010, the company raised todate $20 million from former investors Viola Growth, Lightspeed Ventures and Sequoia Capital.

The bank believes the platform will enable it to anticipate and prompt the customer if they are about to go overdrawn, detect unusual or suspicious account activity and highlight opportunities for customers to save more or to spend wisely. Dr Dennis Khoo, head of regional digital bank and strategic initiatives, UOB, says: “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. Personetics’ powerful AI-driven solutions will complement our existing AI capabilities and enable UOB to take a giant leap forward in having meaningful digital conversations that will help customers make better financial decisions.” UOB’s investment in Personetics follows the announcement of its joint venture, Avatec.ai, in April 2018. A credit assessment tool, Avatec harnesses machine learning technologies and anti-fraud algorithms to determine an applicant’s credit quality in seconds. It will be deployed across Southeast Asian markets over the next two years. 


Follow

©2018 by Lanta Capital Holdings. Proudly created with Wix.com