Banking sector is in need of Personalization

Posted by ujwal on April 24th, 2019

Marketers are finding that traditional marketing is no longer effective with their customers. Customers buying intent has moved to an online platform these days. They expect service providers to know them, understand them and interact them with the most personalized manner.

They are demanding hyper-personalization by engaging them through the right channels and the right message in real-time.

Under this digital transformation, marketers are finding it difficult to understand the customer's behavior. Marketers need to understand their customer's data information and based on their activities on the website they should be targeted with the right message in real-time.

Artificial Intelligence can be a major factor in delivering personalization.

AI with Focus on Personalization

AI-integrated Voice Assistants like Amazon Alexa and Google Assistant should form the underlining guidance for Financial Marketers. Intelligent Assistants are now harnessing Natural Language Understanding (NLU) leading to Conversational AI. Voice Assistants are setting trends for voice first thinking, leaving behind the mobile first paradigm. Deep Learning is part of AI that helps analyze data using neural networks and specializes in analyzing natural language text and voice.

As a first step towards achieving 1:1 personalization for users, companies need to learn how to manage all the data that they collect, followed by effective use of the data to target users on the right channel, with the right message and at the right time. This could be done with the help of a Customer Data Platform.