ieDigital has announced the acquisition of ABAKA, an AI-based recommendation engine platform that uses machine learning and behavioral segmentation software to predict which products like banking products, savings accounts, or retirement solutions are the most likely to be bought by financial services consumers.
The specialist insights offered by ABAKA enable financial services firms to provide their digitally savvy customers with ultra-personalised services, something consumers are increasingly expecting against the backdrop of today’s ever-competitive financial services landscape. And ABAKA’s AI technology simultaneously analyses thousands of data points for millions of customers to accurately predict their needs and demands to deliver a hyper-personalized digital experience at scale.
ABAKA’s full-stack modular platform enables financial services firms to provide contextualized engagement and personalized product offers while streamlining operations and processes.
The purchase of ABAKA by ieDigital comes three months after the acquisition of Connect FSS, which is the US-based digital banking technology provider and forms the latest stage in ieDigital’s evolution into a global digital solutions provider for the financial services sector. ieDigital, ABAKA, and Connect FSS will form a new group under the leadership of Jerry Young, Chief Executive Officer (CEO). The three companies will retain their separate brand names in their respective markets, with separate websites.
KEY QUOTES:
“When customers feel understood and valued, they are much more likely to remain loyal to their financial services provider, a trend that is becoming ever-more important in today’s crowded landscape. An important tool for delivering this is the ability to provide personalized experiences, offers, and communications which are timed to resonate directly at a specific period in a customer’s lifecycle.”
“Consumers now expect nothing less than the most sophisticated, targeted online customer services channels possible. If financial services organizations fail to provide these, or even worse, communicate with their customers using a general scattergun approach, they will alienate them and encourage them to look elsewhere – and with the huge number of providers now out there, people won’t need to look very far.”
- Jerry Young, CEO of the ieDigital Group
“ABAKA has built its core business model on helping our clients unlock the full potential of AI to transform the way they do Sales and Marketing, and deliver a highly engaging personalised customer experience at scale. By joining with ieDigital, a strong, ambitious firm that shares many of the same values as ABAKA, I know we will enter 2024 with renewed vigor. We will also be in the best shape possible to better serve our clients and help them continue to attract, retain, and build long-term relationships with their increasingly demanding customers.”
- Fahd Rachidy, Founder of ABAKA
