Small Business Customers Embrace AI-driven Insights and Advice Integrated Into Online and Mobile Banking

Average Rating of Financial Insights Delivered to Business Customers Is 4.6 out of 5

Following the success of its AI-driven consumer banking solutions, Personetics now brings the power of AI to small business banking.

The Personetics solution is designed to help small businesses proactively manage their day-to-day banking needs, optimize cashflow and ensure they have enough liquidity to support future growth. Integrated into the bank’s online and mobile experience, the solution enables business owners and managers to stay in control of their financial affairs anytime, anywhere.

Banks that have implemented the solution are getting strong positive customer feedback. AI-driven insights powered by the Personetics solution receive an average rating of 4.6 out of 5 from business users, slightly higher than the average consumer rating.

Small Businesses Want More from their Bank

A survey conducted by Personetics shows a significant gap between the needs of small businesses and their current banking experience. Some of the key findings include:

• As many as 90% of small business owners would like to conduct their banking activities digitally, but only 41% do it today.
• Two thirds of the respondents want online cashflow management, forecasting and budgeting tools from their bank.
• Only 14% are currently getting financial guidance from their bank.

“AI is increasingly enabling banks to bridge the gap between small businesses’ needs and their ability to meet these needs,” said Alenka Grealish, Senior Analyst at Celent Banking Practice. “Historically, delivering value-added services to small businesses has been cost prohibitive for banks. AI allows banks to customize service and provide advice digitally, thereby lowering costs and democratizing services that were only available to large businesses in the past.”

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Meeting the Needs of Small Businesses with AI-driven Insights and Guidance

When asked about their financial challenges, small businesses ranked cashflow issues at the top of their list, followed by making payments and ensuring timely collections. Using the power of AI and predictive analytics, banks can help businesses address these challenges, improve financial control and simplify money management:

• Proactively highlight payment and receivable issues to provide greater visibility
• Predict future cashflows and suggest corrective actions to preempt balance shortfalls
• Recommend relevant financing options to address liquidity and growth needs
• Provide a holistic view of actual and planned financial activities using bank and accounting data

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Reducing Time-to-Market and Keeping Business Banking Agile

Small business banking has long lagged consumer banking in digital investment, opening the door for fintech players to chip away at critical profit centers such as lending and payments. According to industry analysts, banks must act quickly to stave off competition in small business banking. The Personetics solution comes with a rich library of over 50 prebuilt insights tailored to business users’ needs, allowing banks to significantly shorten time-to-market.

At the same time, the ability to adapt the solution to their unique customer engagement strategies is critical for banks. Similarly, banks must have the tools to continuously adjust the solution to changing customer and business needs. The Personetics Engagement Builder allows banks to modify pre-built insights, create their own custom insights, and maintain complete control over the user experience.

“The small business solution is a result of our work with banks around the globe to address the shifting expectations of business customers as they become more digital-savvy,” said David Sosna, Personetics co-founder and CEO. “Banks that act on these emerging needs have an opportunity to turn online and mobile banking into the go-to places for businesses to manage their day-to-day finances and stay ahead of the rapidly evolving needs of their small business customers.”

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