BOND.AI to Open New Passages in Personal Finance Health

The state of financial affairs is changing rapidly in 2022 and in many ways. Whether adapting to the new digital interface where most of our money is now represented on screen, erasing paper money and integrating the chip or the simple “tap to pay”, or the globalization of money thanks to the corners of the world map blending into it – banking has taken on a whole new era.

In turn, people are trying to become savvier about how to make their money work smarter, not harder. Fintech, a booming market, opens many passages to achieve this. 75% of survey respondents have been shown to prefer using personal finance management (PFM) tools, as seen in apps, from their primary financial services provider. Moreover, on average, bank customers who use PFM tools for their financial health are 18% wealthier than those who do not.

This is changing the way people interact with their financial assets, and expectations are changing along with this change. One company, BOND.AI, is helping catalyze this technological adaptation while keeping users at the heart of banking, helping to keep the person in personal finance. Let’s take a look at today’s biggest problems in banking and the most remarkable solutions that BOND.AI seeks to provide to help usher personal finance into the next era.

The biggest disparities in finance and its applications

There are so many individual factors when it comes to personal finances – from the amount of income to the frequency of paychecks, the number of investments, the financial goals one saves for or the way one spends money. money – no matter which way you return it, the money will always be tied to the individual. Unfortunately, many big banks and financial institutions have moved away from this fact and turned personal finance into something that is slimy for the money and business that can be made from it. As people disappear from the financial picture, it has been shown that in 2022, empathy does not seem to exist in finance.

You would think that technology would take people further away from the banking process, but in fact the opposite has the potential to happen. With more connection to the bank through a digital interface, people have the ability to be constantly in sync with their personal finances and monetary movements.

Typically, on personal finance or wealth management apps, transactional data is the only resource considered, and then banks try to create a personal profile based on that narrow scope data. This, however, does not paint the full picture of a person’s life, and there has to be a better way to understand all of the individual factors that go into finance, as mentioned earlier. For every 40 financial data points, there are probably another 60 contextual data points missing.

BOND.AI not only seeks to catalyze a better technological connection to financial assets, but also takes the bank one step further with its proprietary artificial intelligence (AI) software. This technological capability allows for more efficient and transparent access to the data that matters to both individuals and their banks, thereby opening up a better communication channel in the field of personal finance.

BOND.AI: a holistic approach to personal finance

Even though everything is connected and easily accessible, the banking sector has not yet defined a holistic approach. BOND.AI seeks to bridge this disparity by leveraging the power of AI, helping banks integrate software that uses human-centered design through the combination of transactional and psychological data.

When data flows through BOND.AI’s Empathy EngineĀ®, it creates unique personalities for each consumer or small business in a bank. This persona connects their behaviors, strengths, potential and, by understanding users holistically, can offer multiple paths to improve their financial lives. This enables truly interconnected finance, benefiting from the singular power of Empathy Engine and integrating into a series of relevant features.

Using the data generated by the engine, the first feature is the text and voice bot, which goes beyond your average chatbot. By facilitating simple questions that lead to valuable answers, the bot gleans unique insights to improve finances every time a user speaks to it. Additionally, by focusing on an individual’s spending habits and behaviors, it builds a contextual profile for each user.

With the world’s fastest and most personalized account opening module, banks can onboard customers in seconds and meet their needs from day one. Once this has taken place, the software helps create personality clusters that create intuitive tools for marketers that rank similar personalities based on user behavioral stability and help drive conversions between bankers and individuals who have never been seen in banking before.

With an open channel of communication between banks and the individuals who do business with them, new data helps complete the financial picture. For example, if you travel a lot, what is your favorite airline? If you have a lot of time between paychecks, which credit card gives you the most benefits to use in those financial gaps? This helps create a whole non-tangible profile that can optimize a person’s financial life, improving their spending efficiency by 45% according to an internal study by BOND.AI.

Changing banking services for the better

As things stand, the banking industry is propelling a losing game for both the institutions and the individuals who use them. There are numerous studies that show how much money banks lose by not paying attention to the customer, with only 29% of consumers trusting their bank to look after their long-term financial well-being in 2020. Empathy and needs-based data not only creates a more accurate picture of banks’ financial fitness, but also helps individuals feel that their voice has been heard, creating a positive trend for personal finance.

BOND.AI will be a company that helps lead the way in banking with its proprietary Empathy EngineĀ® that harnesses the power of AI to not only extract but also use that data. Helping to turn the tide in banking, look out for this pioneering company as it helps shift industries for the better through the power of technology.

Disclosure: This article is directed to you on behalf of a client of an Espacio portfolio company.

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