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Personalization in Banking: 5 Core Values

14 March, 2023

The competitive landscape for financial institutions demands a heightened focus on the customer experience, and a major part of that experience is the personal tailoring you’re able to deliver.

Personalization creates an environment that is best suited to your customer, understanding their complex financial situation, background demographic information, opinion and preferences.

Consider the following to give your financial institution a competitive edge in the personalization of your customer experience.

Move Beyond Broad Demographic Data and Segmentation

Your organization should absolutely continue to build out various types of customer profiles based on broad demographic data, such as income, age and household composition. However, where organizations have historically stopped after constructing these profiles, your organization should continue to dig and tailor the customer roadmap.

By using the customer personas as a roadmap, your organization can still develop rules for communication and tailoring, better understand your customers in large segments and create a pathway to true personalization.

Utilize Organic Search Data

Make sure your financial institution is able to capture organic search input, particularly via data collected on your bank or credit union’s mobile app. Your app should sync to customer information to be able to draw upon their search engine history and create tailored offers based on searches for anything from a small business loan to mortgage rates.

Create Customized Offers

Customized offers are quickly become the new standard of proactive selling of services online. Instead of generic, clunky ads that result in low conversion rates, banner ads and inbox offers should draw upon the wealth of customer information available to create something timely, customized to your customer and prepared for them to act on.

If a customer clicks on an ad on an offer for a mortgage, as an example, make sure you’re able to quickly populate their information on the landing page to streamline to process of them moving further down the sales funnel.

Use The Right Blend of AI and Human Touch

Artificial Intelligence, specifically in the form of chatbots, has become exponentially sophisticated in the last 5 years, and you should feel emboldened as a leader to take advantage of this new and improved technology.

When advancing with your AI offerings, make sure to strike the right blend between chatbots and human touch. Always make sure there is a real human who is eventually available to solve complex problems for your customers, but utilize chatbots as a first wave to answer straightforward and frequently asked questions.

Make Your Customers Feel Heard

Above all else, make sure your customers feel like they’re being listened to and valued. The very act of demonstrating active listening is a differentiator for your customers, and even if you’re no table to immediately resolve a certain pain point, they will show more patience and acceptance if they feel their requests are taken seriously.