Bud Financial (Bud) unveils an all-new generative Al core to its data intelligence platform, enabling banks and financial services organizations to apply Al to every consumer engagement.
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The Bud.ai platform will empower any financial services organization to transform their transaction data into powerful new customer insight and achieve the holy grail of personalization at scale in customer experience.
For half a decade, Bud has been a trailblazer in its development and application of Al, machine learning, and Natural Language Processing in banking and financial services. Bud has been developing foundational language models on top of banks first-party transaction data and consumer-permissioned, third-party open banking data since 2018.
This latest development represents an improved logic core that can generate new insights for consumer and corporate users in real time. With an immense and growing capability to comprehend financial data, Bud.ai empowers developers, marketers and risk professionals to integrate deep financial insight into their workflows, growing engagement through meaningful hyper-personalization, and generating more opportunities to match consumers with the right financial products.
The new Al core now underpins and powers Bud’s two products: Assess (its lending and affordability solution) and Engage (its money management and personalization solution). Financial services organizations can integrate Bud’s large language model (LLM) technology through a single integration. When combined with the transactional data models that Bud has been refining for over five years, this no-code solution means banks, lenders and other financial services businesses can transform their vast quantities of otherwise unstructured data into a clearer picture of an individual’s financial position, or a detailed view of the bank’s wider portfolio.
Bud’s financial domain expertise, combined with its deep experience in the ML-based Al space, offers the right context and specialist industry knowledge to bring these capabilities into fruition.
A generative Al interface for next-generation money management
Bud is enriching its product suite with the first, flagship product built upon the powerful Bud.ai core: Jas, a personal generative chat interface. Jas empowers consumers to engage with a fully trained Al assistant that is capable of supporting customers with various aspects of their financial lives, such as the right credit product or financial planning.
Bud’s generative Al chat interface uses Google’s PaLM 2 large language model, to feed on enrichment and analysis driven by Bud’s transactional data intelligence platform, and presents these insights directly to consumers, in an intuitive way, similar to the conversational Al programs now being widely adopted.
Consumers can ask a multitude of questions, and be supported with straightforward, easy to understand, easy to action, and above all accurate, insights.
With Jas, individuals can take steps to enhance their financial resilience, whilst financial institutions can customize the service to align with their specific objectives around customer engagement and satisfaction, product upselling or cross-selling, risk management etc.
As Jas evolves, it will transform into an action-bot, capable of providing tailored recommendations and executing tasks on behalf of customers and clients.
“As a part of their digital transformation strategies, many companies are seeking reliable solutions that help them better engage customers along their financial journey,” says Toby Brown, Managing Director, Global Banking Solutions, Google Cloud. “By tapping into Google Cloud’s generative AI capabilities, Bud is optimizing internal workflows and external user experiences in a safe and efficient way.”
“Since 2018, Bud has been diligently developing foundational language models that leverage bank data. These years of tireless product and technical work have brought us to this point, where we can deliver reliable, secure and personalized generative Al capabilities to our financial services customers, without compromising on data ethics. We can unlock an endless array of insights for our clients, who can supercharge marketing efforts, refine customer segmentation, and optimize various aspects of their business operations. This is a true breakthrough, as we unveil a logic core capable of delivering real-time, limitless insights for both individual customers and corporate users”, says Ed Maslaveckas, Founder and CEO of Bud.
