BOND.AI, a human-centered artificial intelligence firm, announced the creation of ‘The BOND Network’ on June 16. 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 enterprises and small businesses, access to modern financial health products via an open-banking platform. Partners can gain insights that will lead to improving the performance and efficiency of their respective organizations and their customers’ financial health in a convenient bundle, available without investing significant resources.
In 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 allow financial institutions the ability to hyper-personalize banking, gain new customers through the employers at lower acquisition costs and increase profitability with potential to achieve 1 percent of their asset size, at least, in increased revenue and savings. This will also enable employers to embed AI-powered banking and measure the financial health of their employees, increasing productivity, engagement and retention.
According to BOND.AI, this will be a major milestone in embedded finance. Due to disruption in financial markets and labor markets, uncertainty, paired with access to digital tools, has allowed consumers to switch institutions easily. Financial institutions are now under pressure to produce technological advancements faster than ever before.
Small businesses are also under pressure in delivering top-tier benefits to employees, who are no longer bound by geography and loyalty in job seeking. Inversely, job seekers also look for employers that offer more beyond normal paychecks and traditional benefits due to rising inflation, rent and mortgage prices.
The BOND Network’s purpose is to provide API-driven collections of financial institutions and employers with an embedded-banking platform in order to access tools, products and services, which are not necessarily available in current technological and core-centric environments. In bringing together concepts of open and embedded banking to the global market, the network cuts time, effort and investment that partners would spend negotiating with multiple vendors for individual services. The BOND Network partners will be able to boost their organizations’ financial performance and their employees financial health at the same time.
“There is nothing like The BOND Network in the market today that combines the utility of modern financial technology with the life-changing benefit of financial health,” Uday Akkaraju, CEO of BOND.AI, said. “Our Empathy Engine® and The BOND Network together will connect the dots between financial institutions and employers to get them back at the heart of peoples’ financial lives and spark a mutually prosperous relationship between them. This is the next revolution of embedded finance.”
Launching with 16 founding members, made up of financial institutions and employers, BOND.AI has estimated having 50 partners by the end of the year. Every network member will have secure access to the Empathy Engine’s data, in order to enrich financial health and inclusion, as well as having other regulatory guidance and support for initiatives like the Community Reinvestment Act. Partners will not have to go through custom regulatory processes or invest in research and development.
For more information about how to join the network or BOND.AI, click here.
Image Courtesy of American Banker