- RiseUp leverages AI and open banking for hyper-personalized customer offers.
- Traditional static campaigns fail due to limited customer data.
- New 'targeted support' regulations will drive personalized financial guidance.
- Focusing on existing customers with tailored services leads to significant revenue growth.
In an era where customer expectations for personalization are at an all-time high, financial institutions are grappling with the limitations of static marketing campaigns. Ziv Tubi, Head of UK at RiseUp, shed light on how the convergence of AI and open banking is not just an opportunity but a necessity for banks and FinTechs to truly understand and serve their customers.
Tubi introduced RiseUp as a financial insights engine designed to deliver personalized offers at precisely the right moment. By combining open banking data with advanced AI, RiseUp identifies crucial customer signals—such as payday or idle cash—to trigger relevant suggestions. This dynamic approach contrasts sharply with the generic campaigns that often miss the mark, illustrating how a bank could suggest moving idle funds into savings or investments rather than pushing irrelevant credit card offers.
The core challenge for many financial institutions, Tubi explained, lies in their reliance on static segmentations and limited customer data. This often results in a poor understanding of individual customer needs, leading to ineffective campaigns. A bank might categorize someone as a 'young professional' based on age and income, yet fail to recognize their immediate financial goals, such as saving for a home down payment or managing debt. This gap highlights the urgent need for more granular, real-time insights.
Open banking and AI bridge this critical gap, enabling institutions to detect vulnerable customers, validate affordability, and offer personalized solutions at scale. Beyond individual customer benefits, Tubi also pointed to upcoming regulations, specifically 'targeted support,' which will mandate institutions to provide actual guidelines and directions to help customers save more, invest more, and achieve their financial goals. This proactive, supportive approach is where RiseUp aims to empower banks.
Looking ahead, Tubi emphasized that the winners in today's competitive landscape are those who act early, focusing on their existing customer base. By understanding customer patterns and tailoring products and services accordingly, institutions can bridge the gap between data and action, leading to better customer outcomes and substantial revenue growth. With increasing demand in the UK and expansion into the US market, RiseUp is poised to help more people build assets and achieve financial wellness.
“The winners today are those who start early, are brave enough to focus on their existing customers, understand who they are, what their patterns are and offer them tailored products and services accordingly.”
- Ziv Tubin, Head of UK at RiseUp
