- Santander has partnered with Personetics to deliver personalised AI-driven insights to increase customer engagement
- The new digital solution – My Money Manager – is integrated into Santander UK’s mobile banking app
- My Money Manager will help Santander UK’s customers be on the front foot of their financial situation
Santander UK and Personetics, the leading global provider of data-driven personalisation and customer engagement solutions and a Mouro Capital portfolio company (the successor fund of Santander InnoVentures, which has recently spun out of Santander1), have launched a new digital solution called ‘My Money Manager’.
My Money Manager is integrated into Santander’s mobile banking app, which has 4m active monthly users2. Driven by AI, it will help to ensure the things that matter are not missed, with financial tips, helpful nudges and easy to understand personalised insights into spending and upcoming financial commitments which are all delivered through push notifications and a new insights inbox.
My Money Manager users can view cashflow analysis, including deposits and regular payments, and analysis of their spending broken down by category. My Money Manager will help Santander’s customers to be on the front foot of their financial situation, something that’s particularly important for many who are experiencing financial uncertainty brought about by the impact of the coronavirus pandemic.
Andy Warren, Head of Customer Journey Design at Santander UK said: “My Money Manager is the result of a new kind of partnership between Santander and Personetics. Working collaboratively, the Personetics team is an extension of our internal teams, generating new use cases and co-creating beyond off-the-shelf solutions. Building long-lasting and meaningful relationships with our strategic partners is key to accelerate Santander’s digital transformation. We’re proud to bring innovation to our customers."
David Sosna, CEO and co-founder of Personetics, commented: “We’re proud to be working with Santander to provide the technology to deliver personalised, proactive insights that significantly impact a customer’s financial confidence and ability to make lasting improvements to their financial situation. Santander’s continued investment in customer-centric technologies demonstrates their innovative approach to customer engagement and digital innovation to better service their customers in a very tumultuous time.”
About My Money Manager
My Money Manager is seamlessly integrated into the Santander mobile banking app to give easy access to personalised financial data-driven insights, alerts, and tips. These will be continuously developed as the app learns customer behaviour, preferences and integrates customer feedback. Some examples of the insights and tools available include:
- Expected deposit dates for regular payments like salaries, pensions and benefits.
- Push notifications if a regular payment, for instance a household bill or subscription, has increased or decreased, been duplicated or if a new payment has started to be claimed from the account.
- Purchase analysis, including summaries of whether a category of spend has increased/decreased e.g. “You spent £50 more eating out this month than last month.”
- Notice of subscription services that are coming up for renewal, or if an auto-renewal payment has been taken from the account.
- Advanced warning if a bank card is due to expire.
- A spending quiz “guess how much you spent last week at xxx” to help users be aware of where they’re spending.
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The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to editors:
- For information about Mouro Capital visit https://www.santander.com/en/press-room/press-releases/2020/09/santande…;
- An active mobile banking app user is defined as logging on at least once in the month.
- For more information about My Money Manager visit www.santander.co.uk/personal/support/help-with-managing-my-money/my-money-manager
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 30 June 2020, the bank had around 23,000 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers’ eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) in the UK.
Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in Europe and the Americas, and is one of the largest banks in the world by market capitalization. Its purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of the first half of 2020, Banco Santander had more than a trillion euros in total funds, 146 million customers, of which 21.5 million are loyal and 40 million are digital, 11,800 branches and 194,000 employees.
Personetics is the leading global provider of data-driven personalization and customer engagement solutions for the Financial Services industry, serving over 65 million bank customers worldwide. Focused on enabling proactive engagement for banks, Personetics’ AI analyzes financial data in real-time to understand customer financial behavior in order to anticipate needs and act on their behalf. With solutions designed for the mass market, affluent, and small business customers, the technology enables banks to offer day-to-day insights, financial advice, and wellness programs.
Banks use Personetics’ agile tools to rapidly create their own personalization IP to serve the unique needs of their customers and differentiate themselves in a crowded market. With these advances, banks have transformed their digital banking into the center of the customers’ financial lives while also delivering significant business impact.
Led by a team of seasoned financial and technology entrepreneurs, Personetics strives to actualize a world of “Self-Driving Finance” where banks proactively act on behalf of their customers – a win-win for customers and banks alike. Headquartered in Tel Aviv with offices worldwide Personetics solutions in use with major banks globally, and has been named a Gartner Cool Vendor and a Top Ten FinTech by KPMG. Visit the website here.
Media Enquiries
Miranda Seymour M: 07860 857999 E: miranda.seymour@santander.co.uk
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