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Personetics turns AI focus to SME banking

Having developed AI-driven consumer banking solutions, Personetics is now applying this approach to small business banking. The company's solution is designed to help small businesses proactively manage their day-to-day banking needs, optimise cash flow and ensure they have enough liquidity to support future growth. Integrated into the bank’s online and mobile experience, the solution enables business owners and managers to stay in control of their financial affairs anytime, anywhere.

Personetics says that AI-driven insights powered by its solution receive an average rating of 4.6 out of 5 from business users, slightly higher than the average consumer rating.

A survey conducted by the company shows a significant gap between the expectations of small businesses from their financial services providers and their current banking experience. Some of the survey findings include: 

  • As many as 90% of small business owners would like to conduct their banking activities digitally, but only 41% do it today.
  • Two-thirds of the respondents want online cash flow management, forecasting, and budgeting tools from their bank. 
  • Only 14% are currently getting financial guidance from their bank.

When asked about their financial challenges, small businesses ranked cash flow issues at the top of their list, followed by making payments and ensuring timely collections. Using AI and predictive analytics, banks can help businesses address these challenges, improve financial control and simplify money management by:

  • Proactively highlighting payment and receivable issues to provide greater visibility.
  • Predicting future cash flows and suggest corrective actions to preempt balance shortfalls.
  • Recommending relevant financing options to address liquidity and growth needs.
  • Providing a holistic view of actual and planned financial activities using bank and accounting data.

The solution comes with a library of over 50 prebuilt insights tailored to business users’ needs, allowing banks to significantly shorten time-to-market. The Personetics Engagement Builder allows banks to modify pre-built insights, create their own custom insights, and maintain complete control over the user experience.

Commenting on the company's new SME focus, David Sosna, Personetics co-founder and CEO, said: “The small business solution is a result of our work with banks around the globe to address the shifting expectations of business customers as they become more digital-savvy. Banks that act on these emerging needs have an opportunity to turn online and mobile banking into the go-to places for businesses to manage their day-to-day finances and stay ahead of the rapidly evolving needs of their small business customers."

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