• ieDigital’s acquisition of ABAKA comes just three months after the purchase of Connect FSS, the US-based digital banking Software as a Service (SaaS) technology provider, with both acquisitions forming a key part of ieDigital’s ambitious growth strategy to become a global leader in financial services digital software.
• ABAKA deploys AI-Next Best Action solution leveraging machine learning and behavioural persona-based segmentation software to enable financial services providers deliver hyper-personalised sales and marketing campaigns at scale.
• ABAKA’s personalised product recommendations and AI-Next Best Action enables banks, credit unions and other personal finance providers to deliver on-demand hyper-personalised customer experiences and insights, which increases engagement and retention, and drives product upselling and cross-selling opportunities.
• ieDigital, ABAKA and Connect FSS will together sit as part of a new enlarged ieDigital Group, one of the portfolio companies of Parabellum Investments, the family office of founder and chief executive, Rami Cassis.

London 25^th January, 2024: ieDigital has today announced the acquisition of ABAKA, the  AI – recommendation engine platform which uses machine learning and behavioural segmentation software to predict which products – such as banking products, savings accounts or retirement solutions – are the most likely to be bought by financial services consumers.

The specialist insights offered by ABAKA enables financial services firms to provide their digitally-savvy customers with ultra-personalised services – something consumers are increasingly expecting against the backdrop of today’s ever-competitive financial services landscape. ABAKA’s AI technology analyses thousands of data points for millions of customers at the same time to accurately predict their needs and demands to deliver a hyper-personalized digital experience at scale. ABAKA’s full stack modular platform also enables financial services firms to provide contextualized engagement and personalised product offers while streamlining operations and processes.

The purchase of ABAKA by ieDigital comes just three months after the acquisition of Connect FSS, the US-based digital banking Software as a Service (SaaS) technology provider, and forms the latest stage in ieDigital’s evolution into a global digital solutions provider for the financial services sector. ieDigital, ABAKA and Connect FSS will form a new group under the leadership of Jerry Young, Chief Executive Officer (CEO). At this time, the three companies will retain their separate brand names in their respective markets, with separate websites.

Jerry Young, CEO of the ieDigital Group, said:

“When customers feel understood and valued, they are much more likely to remain loyal to their financial services provider, a trend that is becoming ever-more important in today’s crowded landscape. An important tool for delivering this is the ability to provide personalised experiences, offers and communications which are timed to resonate directly at a specific period in a customer’s lifecycle.

“Consumers now expect nothing less than the most sophisticated, targeted online customer services channels possible. If financial services organisations fail to provide these; or even worse, communicate with their customers using a general scattergun approach, they will alienate them and encourage them to look elsewhere – and with the huge number of providers now out there, people won’t need to look very far.”

Fahd Rachidy, Founder of ABAKA, said:

“ABAKA has built its core business model on helping our clients unlock the full potential of AI to transform the way they do Sales and Marketing, and deliver a highly engaging personalised customer experience at scale. By joining with ieDigital, a strong, ambitious firm which shares many of the same values as ABAKA, I know we will enter 2024 with renewed vigour. We will also be in the best shape possible to better serve our clients, and help them continue to attract, retain, and build long term relationships with their increasingly demanding customers.”

-ENDS-

About ieDigital

ieDigital has been providing sophisticated, interactive, and intuitive digital customer services solutions to the UK’s leading financial services names for over 20 years. Its suite of products allows banks, building societies, lenders, and motor finance providers to offer the highest levels of digital functionality available today, including cutting-edge website functionality and the latest smartphone technology. This enables them to encourage engagement, nurture trust and develop valuable, long-lasting relationships with customers.

ieDigital is established as an industry thought leader, with its experts regularly featured in leading trade press outlets and invited to deliver keynote presentations at industry events. Learn more at www.iedigital.com. 

About ABAKA

With deep expertise in AI, machine learning and hyper-personalisation, ABAKA is a multi-award-winning provider of Artificial Intelligence technologies that serve the needs of global clients including top-tier financial institutions covering retail banking, wealth management and insurance. By combining machine learning, data analytics with behavioural science, ABAKA helps financial institutions deliver hyper-personalized customer experiences and build a truly customer centric ecosystem across their range of products and services.

Established since 2016 with headquarters in the United Kingdom and further offices across the APAC and Europe, ABAKA has expanded with solutions now deployed across three continents. Learn more at www.abaka.me