Small business owners are set to benefit from artificial intelligence (AI)-powered banking support, with the release of a new product from financial services software developer Personetics.
The launch extends the fintech company’s existing consumer banking service to the SME sector, and comes on the back of market research that revealed small business owners want more online options for their money management needs.
It is designed to help firms proactively manage day-to-day banking tasks, optimise cashflow and ensure they have enough liquidity to support future growth.
Personetics CEO David Sosna said: “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.
“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.”
Personetics’ small business banking software will address day-to-day money-management issues
The Personetics tool uses predictive analytics to help businesses proactively highlight payment and invoicing issues to provide greater visibility, predict future cashflow scenarios and suggest actions to pre-empt balance shortfalls.
It is also able to recommend relevant financing options to address liquidity and growth needs, or provide a holistic view of actual and planned financial activities using bank and accounting data.
The software is packaged with prebuilt insight tools that enable banks to be quick to market, and is also built to be flexible enough to adapt to changing customer needs.
New York-based Personetics reaches more than 60 million banking customers globally, and is partnered with six of the top 12 financial institutions in North America and Europe, with its AI-driven software integrating into a bank’s online and mobile services.
Feedback from business users that have tested the new product has been positive, with the insights delivered receiving an average rating of 4.6 out of 5.
Persontics’ small business banking software was developed in response to feedback from firms
The new service for small business owners was developed in response to research conducted by Personetics, which identified cashflow, payments and timely invoicing as the biggest financial challenges facing SMEs on a day-to-day basis.
The majority of surveyed businesses responded that they would prefer to have more online banking tools at their disposal to help with their daily money management needs.
Alenka Grealish, senior analyst at financial research and advisory firm Celent, said: “Small business banking is poised to become the next frontier for AI-driven customer experience.
“Day-to-day financial management is a constant challenge for small businesses, presenting a great opportunity for online and mobile banking solutions that can address these needs and streamline critical business functions.”
