AI-Driven PFM: The Heart of Digital Banking
Artificial intelligence is undoubtedly transforming a number of industries, and financial services is no exception. While many retail banks are at the very beginning of their AI journey, this technology has already proven to be a great asset to connect with customers and take their banking experience to the next level.
Closely tied to the rise of AI is another trend poised to disrupt the FinTech space: Emotional Banking. This concept revolves around the basic idea of making customers’ relationship with money an exciting one. To do so, banks need to leverage AI and transactional data to predict significant events in their customers’ lives, and offer them the relevant products or services, at the right time, in a non-invasive, conversational way.
Those financial institutions that manage to build trust and are seen to be problem solvers by their customers will be able to enjoy a differential role in the industry, attract new clients and establish an even closer and more strategic relationship with their existing ones.
In this ebook, Strands - a CRIF company specialized in advanced digital banking solutions - takes a close look at why banks should use data to incorporate financial wellbeing into their core strategy. It also sees how white-label financial management solutions like Strands’ AI-driven PFM are a key asset to achieve a successful personalization strategy, as well as the best chance for traditional financial institutions to fight back against digital-only challenger banks.
Find out how millions of customers are already getting personal advice from their banks, allowing them to become financially fit.