ABAKA is an award-winning Enterprise SaaS platform, powered by Artificial Intelligence, specifically designed to power digital customer engagement and digital advice on wealth, saving, life insurance and banking.

ABAKA provides an AI-powered recommendation engine that helps our clients display the right actionable recommendations to the right people at the right time with Next Best Action. ABAKA Next Best Action creates and displays tailored offers and actions for customers. We help incumbents deploy a strategy aligned to their business logic to refine those recommendations and increase engagement and customer activation to unlock business value from data. We deliver timely and actionable customer insight through a simple, intuitive, hyper-personalized, digital client experience. An experience that empowers and delights while helping to retain and expand new revenue streams.

The ABAKA platform is centered around machine learning, AI technology (or Artificial Financial Intelligence™) powering ABAKA’s omni-channel engagement. The technology uses machine learning to extract, create and segment customer data into Savings Data Footprint™ or personas which consists of behavioral, social, emotional, financial, health, personal and unstructured data. The personas are useful in providing a personalized experience at scale by predicting which message or ‘nudge’ will resonate, across the best channel, engaging a customer through Next Best Actions. In addition, firms can create their own ad-hoc nudges to push relevant content.

ABAKA has built the economy applications and seamless data exchange platform enabling FIs to access customer data, build insights and intelligence through conversational AI, Next Best Actions and hyper-personalised behavioural nudges. We provide digital solutions covering saving and retirement (accumulation, at-retirement and decumulation), banking (PFM, short term digital savings), wealth and advisory (goal-based investing, data aggregation, advisor lead gen tools and business process automation), insurance (life, income protection, critical illness, family).

Today institutions such as HSBC, Prudential, Legal & General are licensing the ABAKA technologies across the globe to deliver and outstanding customer experience to their wealth clients. The seamless integration of machine learning and savings is the next step in helping these businesses become smarter and empower individuals to make intelligent decisions about the future of their savings. We proactively offer to them AI-powered Next Best Action recommendations, Conversational AI and digital experiences to help their customers achieve financial security.

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NEXT BEST ACTIONS

Predictive Next Best Actions & Intelligent Nudges platform applies Machine Learning algorithms to continuously evolve our understanding of how the exact right Next Best Action can:

  • be personalised to each customer
  • drive the maximum engagement and activation.

based on the member individual “Saving Data FootprintTM”.

Next Best Actions’ create continuous customer understanding at micro level enables:

  • Persuading and activating customer through predictive Machine Learning models
  • Analysing correlation between customer “Saving Data FootprintTM” and their level of interest for saving and retirement
  • Use the message and the right channel that is most likely to resonate and activate customer

Using the “Saving Data FootprintTM”, our machine learning models can predict the exact Next Best Action and Intelligent Nudge with the highest Return on Engagement for each customer:

  • Predicting what message will resonate and activate a customer
  • Predicting which channel will deliver that message in an effective manner
  • Predicting which customer will be responsive to an advice or product 

ABAKA demonstrates that delivering hyper-personalised Next Best Actions & Nudges is driving engagement and positive outcomes:

  • Increase “saving & wealth” engagement by 500% (measured by #sessions per user)
  • Increase NPS (Net Promoter Score) by 38%
  • Increase product conversion from 3% to 31% (Personalised nudges marketing campaigns vs. traditional generic marketing campaigns: conversion to product upsell and/or qualified lead appointments booked with advisor)
  • Next Best Action nudge on increasing regular saving contributions: 44% of recipients increased their saving contributions
  • Next Best Action nudge on Saving Goals: users who have set up goals have average contributions rates that are 50% higher than the average user base
  • Next Best Action nudge on Saving Goals: users who have set up goals are more engaged than users without goals 

Source: Average data across all ABAKA user base, coming from all existing Enterprise clients

CONVERSATIONAL AI

ABAKA’s Conversational AI chatbot solutions drastically increase engagement, convert traffic into qualified leads and scale up financial advice capabilities.

  • Proprietary Natural Language Processing technology with > 30m intents
  • Text, touch or voice-enabled interactions
  • Mobile, Web, Messaging, Voice devices
  • Extensive domain knowledge on retirement planning, savings, investments
  • Canvas interface for custom built dialogue management
  • Inbuilt transactional capabilities
  • Hand-off to Human agent or advisor: scheduling, online fact find, lead generation, annual reviews, education, advice, advanced computations

ABAKA’s Conversational AI chatbot solutions deliver high returns on investments and our user KPIs speak for themselves:

  • 90% of users regularly use the Chabot for their App interactions (across all ages & income)
  • 8 minutes: average session time on chatbot -> 75% reduction in call times (by automating capture of information)
  • 26% of chatbot users complete the advice conversation and receive the corresponding product recommendation
  • Increase traffic lead conversion from 2% to 10% (and collect leads of higher quality)

Source: Average data across all ABAKA user base, coming from all existing Enterprise clients

LIFESTYLE PLANNING & GOAL BASED INVESTING

Supporting users in visualising their financial future and improving their financial planning

  • 80% of users have synced up an external account (enabling the provider to have a 360o view of customer wealth)
  • 76% of users have set up more than 1 saving goals
  • Users with saving goals have average contributions rates that are 50% higher than the average user base

Source: Average data across all ABAKA user base, coming from all existing Enterprise clients

Product features and modules available include:

  • Saving & retirement modelling, including ideal goal and retirement age target modelling, income shortfall
  • Risk and suitability assessment
  • Outcome based behavioural modeller (Goal based investment)
  • Monte-Carlo simulations with custom input parameters for both accumulation and decumulation
  • Proprietary account consolidation and aggregation technology
  • Open Banking integration allowing categorisation of spending and ability to set saving and spending goals
  • Facilitate account transfers, consolidation and transactional capability
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