Guide: Personalised banking – delivering moments-based customer experience

Open Banking is paving the way for a myriad of disruptors – like Revolut, Marcus, N26 and Monese – with more agile business models and lifestyle targeted services. Today, fintechs, digital banks and even big tech players are proactively eroding markets, diverting revenue streams, accelerating churn and smashing loyalty.

As the banking world looks to recover from COVID-19, there will be even more emphasis on data driven strategies that can accelerate recovery by boosting conversion, acquisition and reducing churn.

Why being customer-centric is no longer enough

We live in the world of “me and now”, where today’s consumers are in constant motion and brand interactions are both complex and emotional. The customer stereotypes, linear service journeys and common shared experiences that previously defined traditional banking no longer exist.

Gone are the days of one-size fits all engagement strategies. Banks are having to dive deeper into their customer assets and leverage behavioural data in real-time to create hyper-personalised customer experiences (CX) for each individual consumer. Why? To engage, delight and lock customers in for longer by making them feel truly understood and valued. To keep challenger brands at bay, drive loyalty and secure all-important revenue growth.

Banks must create and respond to “customer moments”

Success will entail mainstream banks re-designing their services from the user up. That also means aligning their marketing, brand and product offerings across channels to build genuine one-to-one relationships with their customers.

Banks with the highest levels of data granularity, seamless integration between systems and access to the latest innovation such as machine learning (ML) and natural language processing (NLP) will be able to predict individual behaviour and trigger hyper-personalisation to create what global analyst firm, Forrester, refers to as “moments-based marketing”. Creating these personalised customer moments delivers instant value for customers and, in turn, a greater return for businesses.

Why you should download this paper:

Featuring insights from Forrester, PWC and Gartner, this guide shares proven ways for banks to improve personalised experiences. It reveals:

  • Why banks worried about competition should raise their CX game
  • Future predictions and the importance of personalised experiences
  • How real-time data and targeted content becomes a gamechanger
  • How to overcome technical challenges and build a roadmap for success
  • How to free stagnant strategies with tools that get banks closer to customers

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