ABAKA completes the second tranche of its Series A investment

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2021-11-12

LONDON, November 12, 2021 / PRNewswire-PRWeb / – For global banking and insurance, artificial intelligence (AI) could potentially offer up to US $ 2.2 trillion adding value each year, increasing revenue through increased personalization of services, reducing costs through efficiency gains and uncovering new and unrealized opportunities through the use of data, says McKinsey & Company (source ” The executive AI playbook “, McKinsey.com).

ABAKA, the LondonThe AI-based recommendation engine and digital retirement solutions provider will use the new funding to continue to evolve and invest in research and development, including the application of artificial intelligence (AI) to deliver hyper-personalized digital customer experiences.

With its AI engine which has now been trained on more than 10 million individual and insured clients, and which is used by global organizations such as the HSBC Group or Prudential Asia, ABAKA has developed a unique innovative solution that brings together Relevant customer data from a financial institution augmented with other data sources for better understanding. Based on the data collected, the AI ​​engine predicts which “Next Best Action” or “Intelligent Nudge” will resonate and activate a customer response. It delivers it to the right people, at the right time and through the right channel using a digital engagement platform.

Fahd Rachidy, Founder and CEO of ABAKA, said:

“Having developed a unique expertise in the field of retirement, retirement and life insurance, where a personalized and digital customer experience is still rarely offered, we have now also helped our clients to engage, retain and acquire clients in the fields of retail banking, wealth management and non-life insurance thanks to our digital solutions based on AI. Today, Big Tech giants, marketplaces and new “Super Apps” define customer expectations for personalized digital experiences and capture product distribution channels: the banking industry and insurance needs to build its own data and product ecosystems with AI capabilities to survive.Our machine learning models and digital solutions help our clients determine in (near) real time how best to interact with each customer at scale and to capture value through increased customer scale, higher customer LTVs and lower operating costs “

Ma Ning, founding partner of Lingfeng Capital, said:

“We are delighted to support ABAKA in its expansion into South East Asia and Greater China domain and were impressed with his leadership and an incredible team of AI and financial services experts. Having identified the growing demand for AI-powered customer engagement and hyper-personalization in the financial industry, we look forward to helping the business scale and support its accelerated growth with both our investment, access to our vast resources and our vast network of industrial partners. “

Steve berg, President of ABAKA, said:

“I am delighted to have recently joined the Board of Directors of ABAKA Holdings Ltd as Chairman, alongside Simon Gold Ring representing the Thames Trust. ABAKA is now well placed, with the support of its investors and a strengthened Board of Directors, to capitalize on the passion and expertise of its employees not only by bringing value growth to all of its stakeholders, but by offering real benefits to the end customers served by ABAKA. customers.”

Mike kennedy at Downing Ventures adds:

“We have been impressed with the work ABAKA has done since 2019, when we first invested. Since then, they have evolved their AI-powered platform and breathed new life into the banking and insurance space with their technology. We are delighted that they are. expanding into new territories and proud to support Fahd and his team in the next leg of their journey. “

On ABAKA

ABAKA has created an AI-powered digital platform that empowers the financial services industry to engage, retain and acquire customers. With deep expertise and specialization in machine learning and hyper-personalization, ABAKA is a multi-award-winning provider of Artificial Financial IntelligenceTM that serves the needs of global financial institutions in the areas of retail banking, wealth management, retirement and insurance (life and non-life). life).

By combining data analytics with behavioral science, we help financial institutions deliver hyper-personalized customer experiences and create a truly customer-centric ecosystem across their range of products and services. Created in 2016 with a head office in the UK and other offices through APAC and Europe, ABAKA has grown with solutions now deployed on three continents.

To find out more visit http://www.abaka.me

Media contact

Naufal Adel, ABAKA, 971 508494748, [email protected]

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