Personetics Partners Plaid to Give Banks Deeper Customer Insights

Personetics has expanded its AI-powered personalization platform for banks and credit unions by collaborating with Plaid, according to a press release published on Aug. 18. This partnership enables financial institutions to gain a holistic view of a customer's financial life by merging their existing data with open banking information from other institutions.

Consequently, Personetics' AI models can provide tailored financial insights, recommendations, and next steps, which help banks deepen customer relationships, retain deposits, reinforce their market position, and cross-sell services.

The integration also empowers customers to save more, avoid unnecessary fees, manage debt better, and make informed financial decisions within their preferred digital banking experience. Personetics CEO Udi Ziv stated that open banking offers banks and credit unions a powerful tool to earn a larger share of their customers' financial lives.

Ziv explained that incorporating data from accounts customers hold elsewhere provides a comprehensive financial picture, enabling institutions to offer smarter advice based on the full financial context, rather than isolated account data. This approach, he believes, fosters long-term customer loyalty and sets a natural pairing with Plaid's offerings.

In a previous release, Personetics revealed that 56% of surveyed bankers cited data silos between business lines as a barrier to deriving actionable intelligence from customer transaction data, while 55% mentioned the inability to construct a unified customer profile. Plaid's Head of Partnerships, Adam Yoxtheimer, expressed excitement about the collaboration, emphasizing that it enables financial institutions to deliver a comprehensive view of customers' finances through their own digital platforms.

The partnership aims to identify opportunities and take actions across customers' financial lives, not just transactions within a single account. According to a PYMNTS Intelligence report titled "Beyond the Bot: Why Embedded Conversational AI Is Banking's Next Strategic Advantage," 72% of customers believe personalization impacts their banking choices.

The report highlights that customers seek online interactions that mirror the personalization and intuitiveness of in-branch experiences.