Singapore-based personalisation platform for banks, Moneythor, has launched a new ‘AI Suite’, in a move to help banks build deeper and profitable relationships with their customers.
Although personalisation is high on the wish-list of consumers, Moneythor says that many banks across South East Asia are struggling to deliver. The new suite aims to resolve this challenge by enabling banks to leverage the full potential of their data to deliver experiences which resemble popular technology and media apps in terms of personalisation, proactivity and engagement.
Only 23 per cent of financial institutions would describe their customer acquisition approaches successful, while 49 per cent admit that their current technology solutions are unable to provide engagement post onboarding. The same research of banking and fintech decision-makers across the globe, found that 15 per cent of newly acquired customers drop off after the first three months.
Moneythor CEO, Martin Frick, says that Moneythor’s new AI suite will squarely address the challenges facing banks to deliver deeper customer engagement: “Specific, built-for-purpose AI is fundamental to the delivery of deep banking experiences; namely, hyper-personalisation, anticipation, and a proposition that extends beyond traditional financial offerings. And with respect to the latter, the opportunity is particularly compelling.
“Banks are, literally, at the intersection of people’s daily lives; whether around routine transactions or once-in-a-lifetime ones. Each provides an opportunity to connect with an additional service, or a complementary brand, even beyond the finance space.”
Moneythor’s AI suite will enable banks to intuitively develop, test, deploy and adapt personalised customer content and recommendations by integrating with Large Language Models, without the requirement to train each one separately. Resulting campaigns are not only deeply personalised, but self-adapting, thanks to the incorporation of agentic AI, enabling them to adjust and respond to individual customer situations in real time.
Introducing new AI-powered capabilities
“Moneythor has been applying technologies such as big data, machine learning and AI to support the delivery of more personalised, predictive banking experiences for more than 13 years. Our new AI suite builds upon this ‘muscle memory’ with the addition of generative, conversational and agentic AI capabilities,” adds Frick.
Moneythor’s clients in South East Asia include Standard Chartered, DBS, Trust Bank, and RHB Bank. According to Frick, in markets such as Singapore, where the typical customer holds multiple bank accounts, the delivery of deep banking now represents a vital differentiator.
“In Singapore, for instance, the average citizen holds nearly 2.5 separate bank accounts. This reality presents a distinct challenge to financial service providers to ensure that the client remains fully aware of and engaged in their offering. Our own research confirms, for instance, that 15 per cent of newly opened accounts remain dormant after the first 3 months, while ‘strengthening digital engagement’ represents one of the sector’s biggest challenges,” he continued.
“The launch of our AI suite is a direct and practical response to this reality, enabling banks to rapidly transform their customer experience into something that resembles the type of consumer or lifestyle app that they are familiar and comfortable with. This is the promise of deep banking. While few would question its potential, our AI suite can make deep banking a reality, at a time when customer expectations have never been higher.”
