BOND.AI, a human-centric artificial intelligence company, announced on June 16 the creation of “The BOND Network”. The network is a first of its kind of financial institutions and employers for interconnected finance.
The BOND network will give partners such as banks, credit unions, large corporations and small businesses access to modern financial health products through an open banking platform. Partners can get information that will improve the performance and efficiency of their respective organizations as well as the financial health of their customers in a convenient package, available without investing significant resources.
By gaining exclusive access to BOND.AI’s advanced empathy engine®, partners will also have access to a curated set of products from selected fintechs. This will enable financial institutions to hyper-personalize banking services, win new customers through employers at lower acquisition costs, and increase profitability with the potential to reach 1% of the size of their assets, at least, increasing income and savings. It will also allow employers to integrate AI-powered banking services and measure the financial health of their employees, thereby increasing productivity, engagement and retention.
According to BOND.AI, this will be a major step in integrated finance. Due to disruptions in financial and labor markets, uncertainty, coupled with access to digital tools, has made it easy for consumers to switch locations. Financial institutions are now under pressure to produce technological advances faster than ever.
Small businesses are also under pressure to offer premium benefits to employees, who are no longer bound by geography and job-search loyalty. Conversely, job seekers are also looking for employers who offer more than normal paychecks and traditional benefits due to rising inflation, rents and mortgage prices.
The goal of the BOND Network is to provide API-driven financial institution and employer collections with an integrated banking platform to access tools, products and services, which are not necessarily available in technology environments. and current heart-centered. By bringing together the concepts of open and integrated banking in the global marketplace, the network reduces the time, effort and investment partners would spend negotiating with multiple vendors for individual services. BOND network partners will be able to improve both the financial performance of their organization and the financial health of their employees.
“There is nothing like The BOND Network on the market today that combines the utility of modern financial technology with the life-changing financial health advantage,” said Uday Akkaraju, CEO of BOND.AI. “Our Empathy Engine® and The BOND Network will connect the dots between financial institutions and employers to put them back at the heart of people’s financial lives and spark a mutually prosperous relationship between them. It’s the next revolution in integrated finance.
Launched with 16 founding members, made up of financial institutions and employers, BOND.AI estimates to have 50 partners by the end of the year. Each member of the network will have secure access to Empathy Engine, to enrich financial health and inclusion, as well as other regulatory guidance and support for initiatives such as the Community Reinvestment Act. Partners won’t have to go through custom regulatory processes or invest in research and development.
For more information on how to join the network or BOND.AI, Click here.
Image courtesy of American Banker
Read also: ENVIROTECH PARTNERS WITH OLYMPUS FOR THE $80M RENOVATION OF THE OSCEOLA PLANT