By Kim Bo-eun
Hyundai Card said Monday it is offering personalized spending insights, based on the newest feature added to Hyundai Card's smartphone app.
"Hyundai Card Spending Care by Personetics" is an artificial intelligence (AI)-based digital service jointly developed with Israeli fintech company Personetics.
The service not only offers personalized spending insights, but goes a step further to provide shopping advice and recommendations, the card firm said.
"With various external data sources and the ability to analyze, we pushed ahead to gain a competitive edge in the market by offering a next-level personal finance management service that provides customers with more practical and helpful insights, highlighting Hyundai Card's winning points," said David Deok-hwan Kim, the head of card business at Hyundai Card.
The service is able to send around 80 different types of messages regarding spending analysis results and the detection of abnormal spending patterns.
Based on each customer's expenditures on items at different outlets ranging from restaurants, cafes, gyms, cultural events, hospitals and others, the service learns common patterns and characteristics. Then the app shows messages containing summaries of spending in specific sectors such as take-out coffees.
"You are a coffee lover. Coffee is no different than a fuel for daily life," the message reads for customers frequenting cafes.
The messages become even more sophisticated when expenditures grow and spending categories diversify.
When repeated transactions at the same outlet in the same timespan are detected, the service asks if there has been any mistake of making a redundant expenditure. The service also notifies customers of abrupt changes in their monthly bills.
In addition, the service can issue alerts to customers that the time has come for a haircut, based on the frequency of their previous visits.
The service is part of Hyundai Card's fintech series developed in recent years, based on collaboration with other global companies including IBM.
Card firms have rushed to launch personalized digital services relying on artificial intelligence and big data, looking for a breakthrough amid a mostly saturated market.
Personetics is a global powerhouse for data-driven personalization and customer engagement. It has partnered with around 50 renowned banks and credit card issuers worldwide including Wells Fargo, Chase and the Royal Bank of Canada to cater to more than 65 million customers. Hyundai Card is the first credit card issuer in Asia that Personetics has exclusively partnered with.
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| The screen capture shows Hyundai Card's analysis of a customer's spending habits. This is a new artificial intelligence-based digital service offering personalized spending insights. / Courtesy of Hyundai Card |
"Hyundai Card Spending Care by Personetics" is an artificial intelligence (AI)-based digital service jointly developed with Israeli fintech company Personetics.
The service not only offers personalized spending insights, but goes a step further to provide shopping advice and recommendations, the card firm said.
"With various external data sources and the ability to analyze, we pushed ahead to gain a competitive edge in the market by offering a next-level personal finance management service that provides customers with more practical and helpful insights, highlighting Hyundai Card's winning points," said David Deok-hwan Kim, the head of card business at Hyundai Card.
The service is able to send around 80 different types of messages regarding spending analysis results and the detection of abnormal spending patterns.
Based on each customer's expenditures on items at different outlets ranging from restaurants, cafes, gyms, cultural events, hospitals and others, the service learns common patterns and characteristics. Then the app shows messages containing summaries of spending in specific sectors such as take-out coffees.
"You are a coffee lover. Coffee is no different than a fuel for daily life," the message reads for customers frequenting cafes.
The messages become even more sophisticated when expenditures grow and spending categories diversify.
When repeated transactions at the same outlet in the same timespan are detected, the service asks if there has been any mistake of making a redundant expenditure. The service also notifies customers of abrupt changes in their monthly bills.
In addition, the service can issue alerts to customers that the time has come for a haircut, based on the frequency of their previous visits.
The service is part of Hyundai Card's fintech series developed in recent years, based on collaboration with other global companies including IBM.
Card firms have rushed to launch personalized digital services relying on artificial intelligence and big data, looking for a breakthrough amid a mostly saturated market.
Personetics is a global powerhouse for data-driven personalization and customer engagement. It has partnered with around 50 renowned banks and credit card issuers worldwide including Wells Fargo, Chase and the Royal Bank of Canada to cater to more than 65 million customers. Hyundai Card is the first credit card issuer in Asia that Personetics has exclusively partnered with.
