Singapore, 6th November 2012 – To be successful in fishing, you need the right bait to attract the right fish, to be at the right catchment area and it has to be at the right season. Applying these very same concepts to marketing within the banking industry, Perfectsen today launched The Hook, a targeted cross-selling platform for Banks to help them monetise internet banking.

Perfectsen, a Malaysian based company known for their Personal Financial management (PFM) solution launched the Hook at FinovateAsia2012, a world class event held for the very first time in Asia, showcasing the latest and best in class technology innovations within the financial industry.

In the current situation, a banking webpage is filled with information and random advertisements of their latest promotion. When the user logs-in to their online banking, more often than not, there is not a single advertisement there.  Even if there is, all the ads shown are not customised to the customer at all.

The Hook empowers Banks to change this approach by serving relevant ads to the right customer segment and at the right time. It works by firstly setting an ad space by inserting a single line of code. After that, it pulls transaction data from various accounts and consolidating them.  With its propriety algorithm, the system would then study the transactions to understand a particular lifestyle of the user where The Hook will then serve appropriate ads that matches the targeted settings. These settings can be base on account type, account balance, lifestyle, a particular spending category or a financial goal that a person has set. Settings can be changed in real-time and ads could be in the form of image, videos or links. Finally, The Hook campaign manager allows for performance tracking and monitoring of each and every campaign. Think of The Hook as a combination of Google Adsense, Adwords and Analytics especially for the Bank.

“As we constantly speak to Banks, we find it hard to believe that internet banking is still very much a cost centre. The traditional thought process of banks in encouraging the use of internet banking is so that they could minimise cost to serve at the outlets. This is a very cost-focused mindset. With the Hook, we allow Banks to generate revenue by giving them their ultimate sales person that immediately takes advantage of the ever increasing internet banking users with the aim of giving their users what they want. Banks need not need to solely rely on campaigns that involve mass cold-calling, sending SMS or emails. It annoys customers when they do not need the particular product.” explained Stewart Chen, CEO of Perfectsen.

The possibilities of the Hook is endless, imagine when a user is saving for a house, he/she is automatically offered a home loan, or when one has low balance, an overdraft facility is offered or if the user has a travelling lifestyle, they are offered a credit card promotion that has favourable air miles or points. The Hook is not meant to replace existing CRM systems but instead complement it.

“We’ve been seeing time again the trends of user experience, personalisation, analytics and big data coming up in our Finovate events. We’re excited to be showcasing PerfectSen’s Hook innovation because it leverages those trends in a really innovative way” quoted Eric Matson, CEO of The Finovate Group.  “We are honoured to have them launching The Hook at FinovateAsia2012”, adds Eric.

This solution is hosted within the bank’s IT environment and with its automated self-serve capabilities, it takes away the sticky issue of security and privacy.  The Hook is compatible with most enterprise grade database and OS systems. It can be deployed within 8 to 16 weeks depending on bank’s internal approvals, data availability, IT integration and if it is a stand-alone service or bundled together with Perfectsen’s PFM solution.

To end with the analogy of fishing, a key skill is to be able to know when to pull and when to let the line go. The powerful thing about the Hook is it mirrors this by being able to control how many times the advertisement is shown before switching in order not to overkill the customer with the same messages.

About Perfectsen:  Perfectsen, the only Malaysian company chosen for FinovateAsia was founded late 2010 by a group of seasoned entrepreneurs and professionals with extensive background in software development for financial institutions, online and mobile with emphasis on user experience. Utilising one of the fastest web frameworks on the Internet developed in-house and conducting countless hours of research on financial management, the resulting solutions has received growing interests from major banks. With Malaysia as its headquarters and the founders hands-on approach on innovation, Perfectsen is constantly pushing the boundaries of Internet Banking and personal finance. 

About FinovateAsia: FinovateAsia is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in Singapore, the event offers an insight-packed glimpse of the future of money via a fast-paced, intimate and unique format. FinovateAsia is organized by The Finovate Group. For more information, please visit