March 26, 2021

Personetics Patents Automated Cash-Flow Based Savings; U.S. Bank First to U.S. Market

Personetics, the leading global provider of AI-powered personalization used by the world’s top Financial Institutions, announced that it has patented a solution that automatically helps customers intelligently save or invest funds based on their cash flow patterns. “Pay Yourself First” (PYF) addresses a need in the market for customers that have the capacity to set aside savings but seek to do so in a more intelligent and automated manner.

[U.S. Bank Personetics’s PYF solution is fully automated, self-adjustable (protecting the customer), deals with big chunks of money, and can provide different virtual “buckets” (envelopes) to automatically or manually split the money between them.]

Targeted to mass retail and mass affluent customers with steady income sources, “Pay Yourself First” is an automated self-adjustable financial wellness program that helps customers set aside monies into savings or investment accounts safely and wisely. The program analyzes customers’ capacity to save at each pay period, automatically moving an appropriate amount based on customers’ expected cash flows. Customers set the program to target a desired dollar amount or percentage of income. PYF employs its A.I. algorithms to determine how much to save based on expense patterns until the next income deposit as an effective cash flow management solution.

Jody Bhagat, Personetics’ President for Americas: “We recognize that consumers are often more conservative in how much they set aside because they may be concerned about covering upcoming expenses, or just busy with other priorities in life rather than optimizing their savings. Personetics’ PYF intelligent algorithms take the guesswork out of setting money aside for saving or investing and acts on behalf of customers. It’s another example of how Personetics is helping Financial Institutions deliver hyper-personalized solutions for their customers, and bringing to reality its vision of Self Driving Finance.”

[U.S. Bank personalized screens powered by Personetics’s PYF solution is oriented to mass retail and mass-affluent customers who want to save more intelligently and optimize the savings amount. The solution complements an automated micro-savings product that helps customers build emergency savings or initial savings.]

U.S. Bank is the first major financial institution to launch the solution in the U.S., implementing it as a feature in its award-winning mobile app. U.S. Bank won Finovate’s Best Customer Experience award in 2019 due to the advancements in their mobile experience.

“At U.S. Bank, we are committed to providing our customers with tools and solutions that help them better manage their complex financial lives,” said Damian Warren, Senior Vice President of Consumer Digital Channels Experience at U.S. Bank. “One of the ways we are doing that is by leveraging “Pay Yourself First,” which helps customers build their savings by giving them intuitive insights about how best to do that, in a way that is personalized for their specific situation.”