Many industries and consumer brands have paved the way and are raising the bar delivering value with contextual, hyper-personalised experiences - and not just selling another product to another someone.
These experiences that are shaping consumer expectations are also influencing the way consumers expect their banks to service them. Not only do consumers crave individualised experiences, they want their banks to be able to anticipate their needs and provide meaningful and personalised advice and guidance where and when they need it.
As such, in today's digital-first world, to remain relevant and win loyalty, banks must leverage consumer data to deliver contextual and real-time experiences. At a time when several companies that are setting the standard for personalisation are starting to enter the financial services market, the gap will only continue to widen between the personalised experiences they have to offer, and that of traditional banks. The time is now to embrace personalisation and to lay the foundation for growth.
Laying the Foundation for Personalisation in Financial Services
For personalisation efforts to be successful, banks must always be demonstrating that they know their customers and have their best interests in mind by putting them at the heart of the experience. It means presenting the right, individualised message, or advice, to the right person, at the right time in their journey.
When done well, these individualised experiences help banks build credibility, differentiate what they have to offer from that of their competitors, and foster a lifetime of loyalty.
It Begins with Data
That path to success begins with data. Banks can deliver powerful, personalised experiences by leveraging their existing data and customer touchpoints. Data helps drive the insights that determine what is most important to a customer, what their primary pain points are, and where they are in their financial journey. These insights can then help drive individualised advice and guidance that will bring value to customers - helping them make the right financial decisions.
In an age where there is more access to data than ever before, and growing concern over privacy and security matters, banks need always to be mindful of letting their customers know they understand them, without being intrusive.
Taking Personalisation to the Next Level in Financial Services
Banks have an opportunity when it comes to financial wellness. By looking at transactional activity, and previous actions and engagements, banks can provide individualised advice and guidance on products and services that will help customers achieve financial wellness - like paying down debt faster and making it easier to manage their finances.
Banks can look at transactions and shopping trends to reward customers for their loyalty, by providing them with discounts or offers to use at their favourite places to shop or dine.
Banks should continually look for ways to improve experiences and make it easier for their customers to do the things they do most. By looking at user behaviour in online and mobile banking, banks can make it easier for users to find the features they use most.
Consumers today want relevant and meaningful information, where and when it is convenient for them. Delivering exceptional experiences and personalised advice, offers and guidance at every interaction leads to higher engagement and loyalty - often, for a lifetime.
