BNP Paribas’ Genius will give consumers what they want – a virtual assistant that improves user convenience rather than just providing insight into their personal finances.

In recent years, there has been an increase in banking in the use of virtual assistance providing insight into people’s finances, with weekly spending at frequented merchants often highlighted to consumers.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Although this kind of insight is perhaps interesting, it does not help consumers in any material way. It is no surprise that virtual assistants providing insight into personal finances were rated as the second least popular of the nine most common personal financial management (PFM) tools currently on the market as per GlobalData’s 2018 Retail Banking Insight Survey. Only automated investment portfolio suggestions was less popular.

Learning from this, BNP Paribas has launched Genius, which is capable of analysing spending trends to suggest when users should save.

There is clear demand for such a service, with 67% of French millennials saying they would use an app with this functionality according to GlobalData’s survey. Genius also classifies purchases and payments (which is wanted by 58% of millennials) as well as alerting users of unusual transactions or cash flow problems they might have (48% of millennials claim they would use this feature).

In addition, the virtual assistant will also provide general tips to improve banking behaviour.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Genius is a good example of a virtual assistant adding value to the customer experience. Providers implementing PFM tools need to focus on delivering clear, material benefits if they want to increase customer engagement and improve satisfaction.