Moneythor launches AI suite to boost bank personalisation

Moneythor has introduced its AI Suite to assist banks in delivering personalisation and deeper customer engagement.

The Singapore-based company has developed the suite to help banks leverage their data more effectively, addressing a growing industry demand for personalised, proactive, and beyond-banking experiences similar to those found in popular technology and media applications.

Many financial institutions are under pressure to improve customer engagement, an issue underlined by research from Fintech Futures. The study noted that only 23% of financial institutions described their acquisition efforts as successful, and nearly half – 49% – admitted their existing technology could not provide sufficient engagement following customer onboarding. Additionally, 15% of newly acquired customers left within the first three months, highlighting a pervasive challenge for banks.

Martin Frick, Chief Executive Officer of Moneythor, stated that the new AI suite aims to directly tackle these engagement issues facing banks.

"Specific, built-for-purpose AI is fundamental to the delivery of deep banking experiences; namely, hyper-personalisation, anticipation, and a proposition that extends beyond traditional financial offerings. And with respect to the latter, the opportunity is particularly compelling. Banks are, literally, at the intersection of people's daily lives; whether around routine transactions or once-in-a-lifetime ones. Each provides an opportunity to connect with an additional service, or a complementary brand... even beyond the finance space."

Frick also emphasised that Moneythor has a longstanding record in utilising technologies such as big data, machine learning, and AI to improve predictive and personalised banking. The company's new AI suite expands on this experience by introducing generative, conversational, and agentic AI features.

"Moneythor has been applying technologies such as big data, machine learning and AI to support the delivery of more personalised, predictive banking experiences for more than 13 years. Our new AI suite builds upon this 'muscle memory' with the addition of generative, conversational and agentic AI capabilities," Frick added.

The suite allows banks to develop, test, deploy, and adapt personalised content and recommendations for customers in real time. By integrating with multiple Large Language Models (LLMs), banks can personalise campaigns without having to train each model separately. The inclusion of Agentic AI also means these campaigns can adjust autonomously to specific customer situations, ensuring ongoing relevance and engagement.

Moneythor's platform is already used by financial institutions in South East Asia, such as Standard Chartered, DBS, Trust Bank, and RHB Bank.

Account activity

Frick drew attention to the particular challenges facing banks in markets like Singapore, where customers typically hold multiple bank accounts with different providers.

"In Singapore, for instance, the average citizen holds nearly 2.5 separate bank accounts. This reality presents a distinct challenge to financial service providers to ensure that the client remains fully aware of and engaged in their offering. Our own research confirms, for instance, that 15% of newly opened accounts remain dormant after the first 3 months, while 'strengthening digital engagement' represents one of the sector's biggest challenges," he says.

The rollout of Moneythor's AI suite is positioned as a response to these issues. Frick described the practical benefits of the tool as offering banks the ability to provide customers with digital experiences on par with consumer and lifestyle applications.

"The launch of our AI suite is a direct and practical response to this reality, enabling banks to rapidly transform their customer experience into something that resembles the type of consumer or lifestyle app that they are familiar and comfortable with. This is the promise of deep banking. While few would question its potential, our AI suite can make deep banking a reality, at a time when customer expectations have never been higher."

The company's technology focuses on providing actionable, data-driven engagements throughout the customer lifecycle, including acquisition, activation, and ongoing engagement. Examples include money management advice, budgeting, savings recommendations, and targeted offers. Moneythor's solution is present in several markets globally and is utilised by both large traditional banks and newer digital institutions.