Abu Dhabi Commercial Bank (ADCB) has gone live with its personal finance management app MoneyBuddy which has been built on the Strands’ technology.

Strands, a specialist in developing AI-based applications for the banking industry. Strands has been leveraging extensive expertise in Big Data and Machine Learning to develop AI-based, highly-customizable digital money management software.

The MoneyBuddy app helps customers understand and manage their finances. The app allows them to track their spending, savings goals and budgets, predict how purchases will impact their overall financial health and understand their monthly cash flow. Moreover, to speed up the customer onboarding process in MoneyBuddy, iOS users are able to log into the app through Face ID, a biometric facial recognition technology.

According to ADCB, “Customer feedback has been outstanding so far, with registrations currently doubling their initial target. MoneyBuddy has already achieved a rating of over 4.5 in app stores.”

The press release stated “Abu Dhabi Commercial Bank is introducing a new way of communicating with its clients, focusing on a transformative user experience and offering their users all the tools they need to get a 360º snapshot of their entire financial world.”

Established in 1985, ADCB serves retail customers and corporate clients in 49 branches. It is a full-service commercial bank which offers a wide range of products and services in both conventional and Shari’ah compliant banking, operating in Consumer Banking, Wholesale Banking, Treasury and Investments and Property Management.

Established in 2004 in Oregon and Barcelona, the company was initially developing personalization and recommendation solutions for the music industry. Apple acquired these early solutions together with a portfolio of 32 patents, allowing the company to focus its innovation efforts on the research and development of financial technologies.

Currently, the company has 150 employees in Barcelona, Buenos Aires, Kuala Lumpur and Miami.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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