Plaid, an open banking/open finance enabler, has announced a partnership with Personetics in a move designed to provide “Open Finance Intelligence” to the banking sector.
Plaid supports many Fintechs and established financial services platforms, streamlining applications like KYC, payments, and more. The company currently works with over 8000 customers.
Personetics seeks to improve how banks monetize customer relationships by incorporating artificial intelligence. The company says it turns customer data into “real-time transactional and digital intelligence,” to improve the relationship.
The collaboration with Plaid is said to provide a “comprehensive view of a customer’s financial life, combining their own account data with transactions, liabilities, investments, and related financial activity from wherever a customer’s money lives.”
Udi Ziv, CEO of Personetics, said banks have spent years trying to provide more services to their customers and open banking is the way to do it.
“When we can bring in data from accounts a customer holds elsewhere, we can surface insights that reflect their full financial picture and help them take smarter action based on it, not just what’s sitting in one account. That’s what builds primacy over time, and it’s why we see this as such a natural fit with Plaid.”
As Fintechs have moved to provide new, better, less expensive financial services to the masses, banks and credit unions risk being left behind. The Plaid/Personetics partnership is another example of platforms providing new services to banks to help them maintain relevance.
