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Bud launches AI-driven banking agent to optimise consumer finances

Wednesday 25 September 2024 12:11 CET | News

UK-based consumer insight provider Bud has launched its agentic banking feature that optimises personal finances through autonomous actions.

 

Bud announces its first agentic banking capability for financial institutions — a consumer agent that can be embedded into GenAI and customer-facing product to optimise finances for individuals.

What can Bud’s consumer banking agent do?

The consumer agent is trained to understand a consumer’s financial history and position, and, using that information, continuously and autonomously direct tasks to achieve objectives.

It more detail, it is trained to improve the amount of money a consumer earns in interest, help ensure they meet their financial obligations and avoid entering an unnecessary overdraft by taking direct actions such as moving money autonomously between accounts like checking and savings.

Officials from Bud said they already have a technology stack that understands financial data. That means their agentic capabilities are built on top of reliable individual context, something which is missing from many GenAI financial agents.

Bud announces its new banking agent

The value of agentic banking and consumer models

Initial use of Bud’s consumer agent has led to successful results. Analysis of the customer base of a US bank indicated that had this agent been running, it would have generated at least USD 500 in profit over the course of one year for more than 27% of customers. This is a simple way to increase a customer’s savings without lifestyle changes or a spending reduction.

For a low-earner profile, the agent would have effectively protected customers from overdraft fees, resulting in an average of USD 460 in fees avoided – and, for some customers, avoided fees were in the thousands of dollars.

Bud knows that supporting consumers with their finances grows deposits and improves customer loyalty and lifetime value. These agents are just the beginning. The learnings and techniques developed with the consumer agents are now being used to develop agentic models to run processes in the bank such as data analysis and personalisation. Every part of the bank can benefit from these models: fraud, AML, marketing, pricing, credit decisions, and risk management – the applications of agentic technology are far-reaching and impactful for the banking sector.

The future of Bud’s agentic consumer models

Over time, Bud also plans to add further actions and objectives to its consumer agent to build on its ability to understand and optimise a consumer’s finances including credit scores, debt management, and wealth.


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Keywords: banking, GenAI, personal finance management, artificial intelligence, fraud prevention
Categories: Banking & Fintech
Companies: Bud
Countries: World
This article is part of category

Banking & Fintech

Bud

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