Singapore lender UOB is ramping up its technology push, making its second fintech investment of the year.
UOB has invested in and partnered with Israel-based fintech firm Personetics, in a bid to enhance its artificial intelligence solutions for its customers across Southeast Asia, the bank said in a media statement on Thursday. Financial details of the deal were not disclosed.
The Singaporean lender hopes to gain deeper insights from volumes of transaction data utilizing Personetics’ cognitive analytic capabilities to help identify individual transaction patterns.
«Personetics’ capabilities will accelerate the bank’s use of AI and enable the bank to anticipate what customers want,» said Dennis Khoo, head of regional digital bank and strategic initiatives at UOB.
Second Fintech Investment in 2018
UOB’s investment in Personetics comes on the back of its joint venture with Avatec.ai in April, as finews.asia reported. Avatec’s credit assessment tool uses artificial intelligence, machine learning and anti-fraud algorithms to determine an applicant’s credit quality in mere seconds. It will be deployed across southeast Asian markets over the next two years.
Asian banks are pushing artificial intelligence solutions with good reason: A recent report claims that banks could save more than $1 trillion by implementing advanced technology solutions.
Banks and financial services companies could wipe as much as 22 percent from their operating expenses by adopting artificial intelligence solutions, according to a report compiled by financial research firm Autonomous.
