Moneythor, a Singapore-based personalisation platform for banks, has unveiled its AI Suite designed to enhance customer engagement through ‘Deep Banking’. This new platform enables banks to deliver highly personalised and proactive experiences, akin to popular technology and media apps, by leveraging AI capabilities. The suite is already being utilised by regional leaders such as DBS, Trust Bank, and Standard Chartered.
The AI Suite addresses a significant challenge in the banking sector—differentiating services in a market where the average consumer holds multiple bank accounts. According to Martin Frick, CEO of Moneythor, the suite’s AI capabilities are essential for delivering hyper-personalised and anticipatory banking experiences. “Specific, built-for-purpose AI is fundamental to the delivery of deep banking experiences,” he stated.
The suite allows banks to intuitively develop and adapt personalised customer content in real-time by integrating with Large Language Models (LLM), without the need for separate training. This innovation is expected to reduce customer churn and increase engagement, addressing the issue that 15% of newly opened accounts remain dormant after three months.
Moneythor’s AI suite is seen as a vital tool for banks in Singapore, where maintaining customer engagement is crucial due to the prevalence of multiple bank accounts per individual. The launch of this suite is a strategic move to transform customer experiences into more engaging and familiar formats, akin to consumer or lifestyle apps. As customer expectations continue to rise, Moneythor’s AI suite offers a timely solution to meet these demands.
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