The boom in personal finance management can be partly attributed to open banking, which has enabled specialized fintechs to enter the market by granting them secure access to transaction data. With a focus on personalized solutions, fintechs are using this data to determine the “next best action,” a customer-centric strategy that prioritizes meeting the unique requirements of each client through personalized offers, services, or deals. Personetics, a fintech that analyzes transaction data in real time using the AWS AI/ML platform powered by NVIDIA’s accelerated computing, operates as an open banking aggregator. The company analyzes banking data from numerous API endpoints and uses machine learning to categorize it into specific categories, such as restaurant spending or e-commerce. Personetics then shares this categorized data to banks, which use it to offer more personalized suggestions to their customers. The “next best action” can be determined across all customer touch points, including the call center, mobile app, website, and even in-person interactions with bankers. Beyond cross-selling, the system can also recommend relevant content, such as market news based on a customer’s investments, educational content based on customers’ financial journey and life stage, and personalized robo-advisory services for managing stock portfolios. Cleo, for example, uses open banking transaction data and deep learning powered by NVIDIA and AWS to drive personalized recommendations to clients in the form of a chatbot.