Hyper-Personalization in Banking: Elevating Digital Banking Engagement
“Enjoy a 15% discount on your next dining experience with Asian Kitchen when you use your debit card for payment.” - This message is not from the restaurant but from the bank. This is an example of hyper-personalisation for a customer who typically spends a lot of money dining out.
This type of personalisation goes beyond just generic offers and instead provides customers with specially tailored deals that are more likely to appeal to them.
Hyper-Personalization in Banking: The Future of Customer Loyalty
The banking landscape has undergone a profound transformation, driven by real-time data and advanced analytics. With the changing consumer behaviour, the approach of One-for-all or All-for-one has become obsolete in the realm of open banking open banking. Banks are in possession of customers’ digital footprints across multiple channels, which can be leveraged to understand individual customer preferences better. Thanks to the power of big data and a new age of insightful-driven marketing.
Banks have more access to consumer transactional, behavioural, and demographic data than any other industry, allowing for greater personalization of services. All these data, combined with their customers' trust and loyalty, allow banks to revolutionise their customer experience and marketing efforts. This is where banks can leverage the power of the PFM tool.
PFM- A Must-Have Fintech Solution for Personalized Banking Experiences
PFM tool, an intuitive platform designed to leverage AI and machine learning, offers personalised financial advice and smarter money management for customers to be more mindful of their spending and improve their financial health.
Let's explore some PFM features that empower banking customers with a comprehensive understanding and enhanced control over their finances through innovative financial services:
Financial Summary:
A holistic 360-degree view of your customer finances, displaying linked accounts in one place for a comprehensive snapshot of a customer's financial situation, including balances, transactions, and net worth. This gives customers a clear understanding of their financial health and enables better control.
Data-driven Insights:
Valuable insights into financial behaviour, including spending trends, saving patterns, investment performance, and other metrics. By leveraging customer data, banks can generate insights and provide smart recommendations for customers to become more mindful of their spending and improve their financial health. When banks offer their customers PFM as an additional service, it will help them establish relationship-based banking with their customers through personalized financial services.
Budgeting:
Budgeting is a core PFM feature that empowers customers with financial control. Customers can set realistic budgets for spending categories, track expenses in real-time, and benefit from the automatic categorisation of transactions.
Cross-sell and Upsell:
Banks can take advantage of the insight into what customers are doing at the exact moment of engagement to deliver tailored cross-sell or up-sell offers through competitive edge strategies.
The CRIF Solution's (PFM) Personal Finance Management Advantages
As customers' financial needs and preferences evolve, banks that prioritise personalised experiences through data-driven insights, tailored product offerings, and customer-centric communication strategies can foster strong customer engagement banking and loyalty in the post-pandemic era.
CRIF’s Personal Financial Management solutions leverage analytics for better customer engagement and make it almost effortless for your customers to manage their accounts, control their finances, and make sound, data-driven decisions towards achieving their financial goals. This level of personalisation and financial control not only helps to build trust but also ensures long-term customer satisfaction and customer retention. Reach out to learn more about how CRIF can help you provide an exemplary experience to your banking customers.
