Hyper- personalization for the banking and financial services

Posted by ujwal on April 12th, 2019

Hyper-personalization and real-time interaction management:

In this modern era of marketing, financial marketers are finding it difficult to understand customer data and their behavior. 

Customers expect from service providers to know them and interact with them and offer them in a personalized manner. They are demanding hyper-personalization by engaging them through the right channels and the right message in real-time.

Personalization has been in the topmost demand in the financial industry these days. Marketers are aware of this transformation and are looking for the right digital vendors to help their organization by doing personalization to its customers.

According to the State of Marketing report by Salesforce, 52% of consumers are likely to switch brands if a company doesn’t personalize communications to them. This is a huge number. More than half of your customers will shift to another product/service provider if they don’t receive personalized messages.

Here’s an example: John is a regular visitor to a bank’s website. After a few visits, the bank can get some basic details such as his location, the device he’s using to access their site, the number of site visits, and how he came on to the site. If the bank has a system that could assimilate this data and segment and bucket users based on buying propensity of customers such as John, it can deliver personalized messages the next time they are on the website.

Here is a link to an infographic that explains the challenges faces by the marketers and how personalization could be one of the solutions they can use to increase customer engagement.