Banking products, savings accounts and retirement solutions are the products most likely to be bought by financial services consumers. This has been revealed as a result of ABAKA, the AI-recommendation engine platform, and its machine learning and behavioural segmentation software. Looking to capitalise on this technology, fintech ieDigital has acquired the platform.
The specialist insights offered by ABAKA enable financial services firms, like ieDigital, to provide their digitally savvy customers with ultra-personalised services – something consumers are increasingly expecting.
The purchase of ABAKA comes just three months after the acquisition of Connect FSS, the US-based digital banking technology provider, and forms the latest stage in ieDigital’s evolution into a global digital solutions provider for the financial services sector. ieDigital, ABAKA and Connect FSS will form a new group under the leadership of Jerry Young, CEO. At this time, the three companies will retain their separate brand names in their respective markets, with separate websites.
Jerry Young, CEO of the ieDigital Group, said: “When customers feel understood and valued, they are much more likely to remain loyal to their financial services provider, a trend that is becoming ever-more important in today’s crowded landscape.
“An important tool for delivering this is the ability to provide personalised experiences, offers and communications which are timed to resonate directly at a specific period in a customer’s lifecycle.
“Consumers now expect nothing less than the most sophisticated, targeted online customer services channels possible. If financial services organisations fail to provide these; or even worse, communicate with their customers using a general scattergun approach, they will alienate them and encourage them to look elsewhere – and with the huge number of providers now out there, people won’t need to look very far.”
Perks of integrating ABAKA
ABAKA’s AI technology analyses thousands of data points for millions of customers at the same time to accurately predict their needs and demands to deliver a hyper-personalised digital experience at scale. Furthermore, ABAKA’s full-stack modular platform also enables financial services firms to provide contextualised engagement and personalised product offers while streamlining operations and processes.
Fahd Rachidy, founder of ABAKA, said: “ABAKA has built its core business model on helping our clients unlock the full potential of AI to transform the way they do sales and marketing, and deliver a highly engaging personalised customer experience at scale. By joining with ieDigital, a strong, ambitious firm which shares many of the same values as ABAKA, I know we will enter 2024 with renewed vigour.
“We will also be in the best shape possible to better serve our clients, and help them continue to attract, retain, and build long term relationships with their increasingly demanding customers.”