Adrian JohnsonTLDR:
ieDigital has acquired ABAKA, a recommendation engine that uses machine learning and behavioral software to predict which financial products are most likely to be purchased by consumers. The acquisition is part of ieDigital’s strategy to provide AI-powered fintech to credit unions in the US. According to CEO Jerry Young, consumers expect sophisticated and targeted services, and if financial services organizations fail to provide them, they risk alienating customers and losing them to competitors.
ieDigital’s purchase of ABAKA follows its acquisition of Connect FSS, a US-based digital banking software provider. The companies will operate as separate brands but will be led by Young.
