Seoul, Korea – April 9, 2020 – Hyundai Card said it has partnered with an Israeli fintech company to roll out an artificial intelligence-based digital service on its mobile app.
The so-called “Hyundai Card Spending Care by Personetics” analyzes each customer’s credit card transactions and offers near-real time customized spending insights. Hyundai Card has been introducing a series of new fintech technologies through collaboration with other global companies. Hyundai Card is the first credit card issuer in Asia that Personetics has exclusively partnered with. “We have developed a new digital service through collaboration with Personetics that help customers use credit cards in a more reasonable manner,” said a Hyundai Card spokesperson. “We plan to continue coming up with impactful digital services through collaboration with additional fintech firms home and abroad.”
The Tel Aviv-based company is a global provider of data-driven personalization and customer engagement solutions for the financial industry. Having partnered with a flurry of banks worldwide including Chase and Wels Fargo and credit card issuers, the firm serves over 65 million bank customers, providing day-to-day insights, financial advice and wellness programs. Conventional asset management services provided by financial institutions such as banks and credit card issuers mostly end up showing brief summary of customers’ transactions on a regular basis. By comparison, the new service from Hyundai Card, powered by Personetics’ AI big data analytics tool, is able to configure and categorize all transactions made with the card and improve customer service over time.
Hyundai Card Spending Care by Personetics is able to shoot around 80 different types of messages to customers on the card’s smartphone app. The messages are classified into three: spending analysis, abnormal spending detection and kind notifications that let customers know their spending habits are being closely monitored.
Spending analysis messages analyze customers’ expenditure on transportation, eating out and cultural events and many others and show the common patterns and characteristics. The messages let customers know when the time comes for regular transactions for services such as YouTube Premium and Netflix and shows summaries of overseas expenditure when the customers have traveled abroad.
Examples of abnormal spending detection service include finding out whether the same amount of money is paid at a specific outlet and noticing abrupt changes in their monthly smartphone bills – increase in most cases. Kind notifications are the customer care messages that have been designed to help them make more reasonable expenditure and spend more efficiently. The service classifies at which outlets customers spend frequently such as coffee shops and hair shops and notifies them that the time has come for a haircut, based on the frequency of their past visits. The service also gives quizzes for benefits at specific shopping outlets such as time deals or discounts and offers customer tips.
The service is set to continue evolving. The service asks customers to rate their level of satisfaction from time to time so that its machine learning system based on the feedback could further upgrade the quality of the service. Expanded data pool will also help quality enhancement. Hyundai Card’s partnership with a series of business partners for private label credit cards such as Korean Air Lines, Costco, eBay and many others to come in the near future. Hyundai Card is also poised use external data sources for budgeting and rewards programs.