Personalized Banking As The Future Of Customer Experience In Finance

August 23, 2021

In today’s busy world, banking services (and super-personalized financial services as well) are not even facing new challenges – they are transforming the industry. Driven by rapid changes in customer preferences and user’s demand for new, faster, and better experiences, modern financial software development is all about giving people exactly what they need, with perfect timing.

Personalized Banking Client

Historically today’s financial services and banking institutions have been too slow to adapt to a fast pace of tech development, especially in the area of service delivery and personalization.

And now the time has come! As current marketing and decision-making teams in financial services should focus on providing a unified customer experience, at the same time maintaining the privacy and providing custom-tailored recommendations to drive customers throughout their marketing journey.

What Is Personalized Banking? Could It Be Really That Important?

What is the groundwork for a unified customer experience? Remembering a line of different tricky factors that companies need to consider when dealing with their customers, below let’s have a look at personalized banking. This time – as the future of customer experience in finance.

Personalized banking is intended to deliver a value-rich service experience to end-users, taking into account their personal experience, demands, and historical customer profiles.

Helping to shape trust and seamless experience by eliminating problems even before it’s realized by a human, personalization in banking makes it possible for the industry to drive results and revenue owing to the following:

  • Higher rate of engagement
  • Higher rate of conversion
  • Higher customer retention
  • Higher customer loyalty
  • Better customer experience
  • Multi-channel marketing consistency
  • Higher ROMI (otherwise, return on marketing investment).

What Are The Commonest Types Of Personalization In Banking?

Prescriptive Banking Personalization In Real-Time

Prescriptive banking personalization is aimed at guessing the intentions of the user and the commonest needs, based on historical data.

Personalised Banking User

Highlighting different marketing contexts or global business goals, marketing, and software development teams can create a seamless and fully personalized customer experience on the go.

For example, providing users with live prescriptive recommendations during active online shopping – driving both active customer engagement and a higher rate of conversion. How can anything go wrong over there?

ML-Based Financial Service & Banking Personalization

Banking personalization driven by the machine-learning crack of technologies is built around using the full potential of intelligent ML-based software algorithms. Most of every successful use case in AI-driven automation is generally referred to as making maximum informed decisions and reaching more potential customers using individual behavior patterns.

How To Make It Happen?

Putting yourself in the shoes of the customer, it becomes apparent that people do not just want to get to know about some sort of new products or services peppered with loudly-voiced statements of their developers or owners.

Let’s face it – people just want to quickly get solutions to their issues as they arise. That’s exactly when personalization comes into play, helping banks and other institutions in the financial industry streamline their marketing pipe and turning customer experience into a fully controllable journey.

  1. Leverage Banking Personalization Across Different Channels
  2. Build Up A Personalized Web Content
  3. Segment Customers With A Buying Cycle In Mind.

Leverage Banking Personalization Across Different Channels

Targeting multiple channels and using at least several sources of information is a great way of creating a 3-D view of a single customer. Here the most important thing is to employ a unified marketing measurement.

That would be absolutely central to driving the success of any banking personalization campaign. That’s why marketing and product development teams should pull together different shreds of data from multiple sources, parts of the company, and areas of business.

Personalised Banking Funds

As a result, creating cohesive marketing material that raises an array of successful personalized marketing campaigns becomes a much easier thing to do.

For even better performance, we recommend spotting the right connections with potential customers – whether they are online or offline – to create a seamless marketing journey using different touchpoints based on previous touchpoints and behavior.

Building Up A Personalized Blog Content

A comprehensive content marketing view backed with a data-driven content creation process can become a powerful engine driving the whole integrated marketing strategy. And right here the financial and banking industry is no exception. Easier said than done, right?

First and foremost, don’t try to craft a one-size-fits-all content strategy, even in case you can afford to apply to some well-segmented demographics.

Instead, let’s optimize content blogs and other related resources using small (or at least moderate) segments. Later on, that would be much easier for marketers to directly reach the ones having the most interest in that topic. What about doing that in practice? We recommend creating targeted content by dividing potential customers into two categories:

  • Based on use. For example, are your customers commonly using credit cards? Do they prefer operations with cash withdrawal? Probably, they are looking for home financing?
  • Based on interest. Let’s say the average customer would not even look at a credit card with flight miles. So, any marketing content for promoting credit cards of that kind should keep that in mind, indeed.

Segmenting Customers With A Buying Cycle In Mind

As we already mentioned (that’s really important), having perfect timing is everything. Everyone in financial and banking services can not afford to promote their products or services simply based on global trends or current quotas. We believe that turning all of your CRM-based data into a smart software helper for smarter, better decisions could be an option.

Marketers just need to have their customer data split by every stage of their purchasing journey. By analyzing data using the right individually-tailored software toolkit, marketing teams and decision-makers can uncover invaluable insights on different things. Here are a few of them:

  • Analysis. In service-based marketing, the customer’s journey never ends after the purchase. Make sure to offer data-driven to keep customers well-informed and professionally engaged
  • Decision. Here your potential customers are ready to go. Give them the most straightforward way to purchase. And they will make it!
  • Consideration. Remember that your customers must have already seen what your competitors have to offer. It’s just time to show them why a smarter, more affordable, and generally better look
  • Awareness. Let people know more about your great products or services. Focus on needs instead of highlighting benefits – and you’re already halfway done.

Personalised Banking Experience

Bottom Line

After all, current industry demands in personalized banking and modern financial software development aren’t all-new trends. They are just reshaping the original business models that used to pull customers to banks and other financial institutions far before the era of digital marketing.

So, something around fifty years ago people would go to banks knowing their teller counterparts simply on a first-name basis. But right now the market – and the whole wide web – is much more fragmented.

Here, at Intellectsoft, we are all about providing banks and other financial institutions with financial software development services aimed at driving their bottom-line results to a wholly new level of productivity. Check out the latest technologies and top-innovative solutions by Intellectsoft. 

Looking for something really specific or tailored exclusively to your business? Don’t hesitate, talk to our experts and find out more!