Santander’s investments in fintech companies through its dedicated venture capital arm are paying off with the launch of a money management feature built on the technology of Israel-headquartered fintech company Personetics.
Personetics, a Santander InnoVentures portfolio company, supplied an artificial intelligence (AI)-powered automation solution to build the My Money Manager feature.
My Money Manager is integrated into Santander’s mobile banking app, which the bank claims has four million active monthly users.
The feature will use AI to provide financial tips, helpful nudges and personalised insights into spending and upcoming financial commitments, all delivered through push notifications and a new insights inbox
Users can view cash-flow analysis, including deposits and regular payments, and analysis of their spending broken down by category.
The My Money Manager is “the result of a new kind of partnership between Santander and Personetics”, according to Andy Warren, head of customer journey design at Santander UK.
Warren said: “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, chief executive officer and co-founder of Personetics, whose personalisation and customer engagement solutions reportedly serve more than 65 million bank customers worldwide, 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.”
Santander InnoVentures, an investor in Personetics, was spun out and allocated another $200 million in funding earlier this year.
The bank’s fintech venture capital arm will be known as Mouro Capital going forward and managed autonomously. With $400 million allocated to the fintech venture capital firm, it will aim to lead funding rounds with initial investments of up to $15 million.