Three fintech firms have joined forces and capabilities to launch one new entity, Fintilect, in a move aiming to enable financial services institutions worldwide to deliver hyper-personalised, AI-driven digital banking experiences.
The launch of Fintilect hopes to enable clients to communicate with their customers as unique individuals, leading to vastly improved engagement levels and higher conversion and upselling rates.
By leveraging AI and machine learning capabilities to study a customer’s lifestyle and financial habits, alongside demographic data such as hobbies, leisure activities and aspirational insights, Fintilect aims to accurately predict which actions will resonate best with each customer.
By analysing this rich data set in real-time, it can also predict which channel and phrasing of communication are most likely to achieve a successful outcome.
“Today’s members and customers expect to be understood as individuals, with their specific life goals, ambitions and aspirations fully considered,” explained Rami Cassis, CEO of Fintilect. “By using reliable and consistent execution, backed up by sensible pricing and open communication, Fintilect provides these hyper-personalized insights to banks, building societies, credit unions and other providers, enabling them to grow their market share through closer engagement with customers using an innovative blend of AI and digital functionality.”
This digital empathy with customers enables financial service providers to create cost-efficient and highly individualised interactions, improving loyalty and increasing the number of products and services they provide. This enables them to adapt, respond, and prosper in an age defined by the increasingly sophisticated digital functionality expected by digitally savvy consumers.
Combining forces and expertise
Fintilect joins three companies together: ieDigital, Connect FSS and ABAKA. All existing services and platforms offered by the three firms make up core parts of Fintilect’s client offering.
ieDigital was formerly the digital banking engagement platform and digital transformation provider for the UK, while Connect FSS was a major enterprise digital banking credit union service organisation exclusively serving credit unions in the US. ABAKA’s AI-driven recommendation engine will also remain available on a standalone basis, or in conjunction with Fintilect’s other services and platforms.
Rami Cassis will take responsibility for leading Fintilect’s ongoing strategic growth and evolution. Grant Parry, founder of Connect FSS, becomes Fintilect’s chief strategy officer, while Fahd Rachidy, founder of ABAKA, becomes director of AI global sales. Fintilect explained that it expects these senior appointments will ensure the expertise of each company remains entrenched within the new Fintilect identity.
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