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Personalization in Banking
Personalization in Banking
in Banking
The new age customers are accustomed to the services that they get from the Big Techs like
Apple, Google, Amazon or a Netflix. They expect the same level of personalization from
their banks today. Banks and other financial service providers, therefore, need to start
thinking customer experience and offer personalization in banking, to meet the unique needs
of every customer.
There are many reasons why personalization must be incorporated into banking. Some of
these reasons include:
Leverage gathered customer data. By this, we mean that banks must better utilize
the vast volumes of data they already have. By organizing and utilizting this date by
adding an intelligence layer over the core, banks can instantly make personalized
offerings to customers on the go. When frontend staff are empowered by such data
they get more time to build relationships.
Give importance and reliance to technology. Banks must break away from silos and
look at a central intelligence layer. Such a solution can be integrated with core
systems and help banks remain agile and provide personalized solutions.
In conclusion, there are many reasons why banks must introduce personalization through a
middle layer solution. Not only do the customers benefit from personalization, but banks too
reap several benefits, and most importantly win customer loyalty.