CSP | CUSTOMER SERVICE PROFILES The Next Level of Banking Personalization: 3 Considerations
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31 August, 2022

Customers across industries are increasingly looking for personalized experiences. Where customers used to shop and interact with brands – a unique value proposition, personality and set of products – they are now gravitating toward organizations who can most accurately identify and address their needs. In this way, “brands” now function more as a mirror than a painting, working to be adaptable and not only be created in the mind’s eye of their customers, but to enable that conception of their brand to vary and be unique to each individual customer.

Banking personalization is much easer said than done, and requires the collection and implementation of customer data in a way that is pointed and seamless. Consider the following ways your financial institution can improve its customer personalization and experience.

Pre-approval and Recommendations
Customer data is only valuable if you’re able to synthesize and apply it, and a great way to do so is through pre-approval and recommendations. Information such as your customers’ credit scores, debt to income ratios, liquid cash and any investment information can help shape your perception of their overall financial picture. This information combined with other demographic information such as their geographic location, age, and family composition can create a more holistic picture of how those finances fit into their lifestyle.

By putting all of this information together, your financial institution may be able to predict likely financial scenarios for your customers. Think of a young family who may be purchasing their first home or considering life insurance. Your financial institution can grease the runways for signing up for life insurance by pre-approving individuals, then make a targeted recommendation about products and offerings based on that information.

Reflection of the Customer
Give back as much of your customer as you can. In other words, make their digital banking experience as much of a reflection of their own personal needs as possible.

As a starting place, allow for easy customization of your online banking platform. Easy opening of multiple savings accounts for different savings goals, personalized budgeting calculators and easy navigation can all contribute toward a meaningful feeling of customer centricity.

Embedded Finance and Beyond
Financial institutions and other organizations have the ability to add value to customer experiences not related specifically to a bank or credit union. Customized digital offerings and financing options built into online purchases are currently gaining traction and driving sales for e-commerce. Trends such as these – where finance extends beyond the typical realm and protocol – will continue to provide opportunities for financial services.