Data intelligence platform Bud Financial has unveiled a new AI-powered product, ‘Drive’, that enables financial institutions to perform advanced data analytics tasks for marketing, personalisation, customer segmentation and customer monitoring.
The “out-of-the-box” solution allows companies to identify “patterns and real-time opportunities” for up-selling and cross-selling, and can be integrated into banks’ existing tech stacks.
Using Bud’s ‘Drive’, financial institutions will be able to build automated sales, marketing, customer service and customer experience journeys.
The new product combines four elements, including an “insights engine” powered by AI, which provides real-time insights within banks’ existing customer data.
Another element of Drive is an “AI insights analytics finder”, designed to locate patterns and trends that can be “quickly and easily acted upon to allow banks to grow both their product and service offering”, according to Bud.
Drive’s “action hub” takes those insights and integrates them with banks’ current and existing analytics and communication tools and infrastructure.
Finally, Drive comprises a generative AI chatbot, called ‘Drive copilot’.
According to Bud, Drive and its new Generative AI chatbot will save banks hundreds of hours of data analytics time each month.
“Bud is fundamentally a transaction data specialist, and with our new product Drive we have reached a level of expertise and precision where we can unlock an endless array of insights for our clients, enabling real-time customer base analysis and insight, meaningful segmentation and mass personalisation, and sophisticated automated action flows,” said Ed Maslaveckas, co-founder and chief executive officer of Bud Financial.
“With this new product, we’re excited to support our customers’ move towards more customer-centric operations, which ultimately will massively increase productivity, effectiveness and profitability.”
Speaking on the Open Finance Stage at Open Banking Expo UK and Europe on 18 October (main image), Maslaveckas told delegates that AI will “change the customer experience and how we run organisations”.
He identified customer proposition and enterprise as the two areas where the implications of AI and finance would be felt the most, adding that enterprise is “where there will be the biggest shift”.