Three fintech firms, ieDigital, Connect FSS, and ABAKA, have recently come together to launch a new entity called Fintilect. This move aims to revolutionize the financial services industry by enabling institutions worldwide to deliver hyper-personalized, AI-driven digital banking experiences to their customers. The launch of Fintilect is a significant step towards improving customer engagement levels and increasing conversion and upselling rates for financial service providers.
Fintilect leverages AI and machine learning capabilities to study a customer’s lifestyle, financial habits, and demographic data such as hobbies, leisure activities, and aspirational insights. By analyzing this rich data set in real-time, Fintilect can accurately predict which actions will resonate best with each customer. This enables financial service providers to communicate with their customers as unique individuals, leading to more personalized interactions and improved customer loyalty.
Rami Cassis, CEO of Fintilect, emphasized the importance of understanding customers as individuals with specific life goals and aspirations. By providing hyper-personalized insights to banks, building societies, credit unions, and other providers, Fintilect enables 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 allows financial service providers to create cost-efficient and highly individualized interactions, ultimately increasing the number of products and services they provide.
Fintilect combines the expertise of three companies – ieDigital, Connect FSS, and ABAKA. ieDigital was known for its digital banking engagement platform and digital transformation services in the UK, while Connect FSS served credit unions in the US with enterprise digital banking solutions. ABAKA’s AI-driven recommendation engine will also be available as a standalone service or in conjunction with Fintilect’s other offerings.
Rami Cassis will lead Fintilect’s strategic growth and evolution, with Grant Parry and Fahd Rachidy taking on key roles as chief strategy officer and director of AI global sales, respectively. These senior appointments ensure that the expertise of each company remains integral to the new Fintilect identity.
Overall, the launch of Fintilect represents a significant advancement in the financial services industry, enabling institutions to deliver personalized and engaging digital banking experiences to their customers. By leveraging AI and machine learning technologies, Fintilect is poised to transform the way financial service providers interact with their customers, ultimately driving growth and success in an increasingly digital world.