LITTLE ROCK, Ark., June 16, 2022 (GLOBE NEWSWIRE) -- BOND.AI, a leading human-centered artificial intelligence (AI) firm, today announces the creation of The BOND Network, a first-of-its-kind network of financial institutions and employers for truly interconnected finance.
The network gives partners — like banks, credit unions, large enterprises, and small businesses — access to modern financial health products through an open-banking platform. They can gain insights to improve the performance and efficiency of their organizations and their customers' financial health in one convenient bundle without investing significant resources.
The BOND Network partners will gain exclusive access to BOND.AI's advanced Empathy Engine® and a curated set of products from selected fintechs. The solution will allow financial institutions to hyper-personalize banking, gain new consumers through the employers at significantly lower acquisition costs, and increase profitability with the potential to achieve at least one percent of their asset size in increased revenue and savings. For employers, it enables them to embed AI-powered banking and measure the financial health of their employees to increase productivity, engagement, and retention.
A major milestone in embedded finance
The economy is facing massive disruption in two particular domains — financial and labor markets. The financial uncertainty, paired with access to digital tools, has driven consumers to switch institutions at a click of a button. This puts financial institutions under extreme pressure to produce technological advancements faster than ever to meet consumer expectations.
Likewise, small businesses are under pressure to deliver top-tier benefits to employees who are no longer bound by geography and loyalty when seeking a job. Job seekers are also looking to employers that offer them more beyond the normal paycheck and traditional benefits to help with rising inflation and rent or mortgage prices.
The purpose of The BOND Network is to provide the API-driven collective of financial institutions and employers with an embedded-banking platform to access tools, products, and services not necessarily available in the current technological and core-centric environment. The network brings together the concepts of open and embedded banking to the global market by cutting the time, effort, and investment that partners would have spent negotiating with multiple vendors for individual services. Partners on The BOND Network can boost their organizations' financial performance and their peoples' 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," said Uday Akkaraju, CEO of BOND.AI. "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."
The BOND Network launches with 16 financial institutions and employers that are founding members. BOND.AI estimates to have at least 50 partners by the end of 2022. Each network member will also secure access to the Empathy Engine®'s data — to enrich financial health and inclusion at scale — and other regulatory guidance and support for initiatives, such as Community Reinvestment Act (CRA). This means that the partners won't have to go through custom regulatory processes or invest in research and development. They can simply focus on impacting their peoples' financial lives together. Visit www.bond.ai to learn more about how to join the network.
About BOND.AI
BOND.AI is an award-winning AI company powered by the world's first Empathy Engine®. Its proprietary algorithms holistically understand consumer behaviors through a combination of financial and non-financial data to significantly enhance organizational revenue while boosting its consumers' economic well-being and income. For more details, visit BOND.AI.
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Sjoerd Martens
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