UK fintech ieDigital snaps up AI tech provider Abaka
UK fintech ieDigital is set to acquire artificial intelligence (AI) tech provider Abaka for an undisclosed sum.
ieDigital acquires Abaka for undisclosed sum
Abaka provides an AI-powered recommendation engine built to enable financial services firms to deliver “ultra-personalised services” alongside “contextualised engagement and personalised product offers” through the analysis of consumer data.
The company utilises machine learning and behavioural segmentation software to predict which financial products consumers are most likely to be interested in buying.
London-based ieDigital says its latest purchase forms part of its attempt to evolve into a “global digital solutions provider” for the financial industry specifically.
At present, the fintech’s services cater to self-service banking, collection management, customer onboarding and mortgage lending, delivered through its Interact application suite.
Jerry Young, CEO of ieDigital, sees the increased personalisation of financial services as a trend that is “becoming ever-more important in today’s crowded landscape”.
“Consumers now expect nothing less than the most sophisticated, targeted online customer services channels possible. If financial services organisations 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.”
Its takeover of Abaka comes only four months after it also acquired US-based credit union service organisation (CUSO) Connect FSS to “accelerate its growth plans” within the North American market.
IeDigital says it now plans to form a new group with its two latest acquisitions, but emphasises that all three companies will retain separate brand names and websites at this present time.
