Personalization in the New Normal

83% of FI execs say personalized recommendations and advice will be commonplace across all customer segments

The Digital Banking Report performed a recent study to gauge the speed of digital transformation in the banking industry. They asked over 400 financial institution executives to provide their projections as to what will happen in next three years. This included banks, credit unions, fintech firms, third-party solution providers, and advisors and consultants.

Those results showed that 83% of those executives believe that personalized recommendations and advice will be commonplace across all customer segments.

More importantly, 60% believe that consumers will be willing to pay more for a personalized experience.

The Digital Banking Report, Financial Brand

Customers today are still frustrated by cross-channel friction, despite bank efforts to deliver an omnichannel experience. During Covid-19, many banks were forced to innovate quickly and change their approach, which didn’t always result in a sustainable way of working.

Digital conversations guides help ease this process by creating interactive online experiences – and making the information collected online available to in-branch and remote bankers. Using digital conversations on your website enables you to gather better information and create more personalized experiences for your customers.

In this age of the “new” normal, customers expect deeper, more meaningful engagement beyond a mobile app, website or chatbot. Financial institutions need to deliver exceptional omnichannel experiences, meanwhile increasing efficiency across all channels. By doing so, FI’s can increase the effectiveness of their sales channels by $1 million in value per billion in assets with innovative customer engagement backed by actionable insights.

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