CRIF PFM tool: Harnessing the Power of Data and the Value of Hyper Personalisation
Banks have a wealth of data, but they lack the technologies and expertise to personalise that data, which in turn leads to their inability to build a stronger engagement with their customers. For instance, this data may include payment transactions, digital footprints, channel preferences, social media information, and location. The combination of these elements can provide the right solution at the right time for the customer. However, despite the widespread demand for tailored financial products, there is a major barrier: Data Mining and generating actionable insights to enhance customer’s journeys. This data opens up an array of opportunities for traditional banks to go beyond the traditional offering, breaking the boundaries of banking. As a result, Open Banking can help banks engage customers based on behavioural targeting instead of treating them like mere customers. Here, understanding what Personal Finance Management (PFM) is becomes crucial, as it allows banks to leverage data more effectively to offer personalised financial insights and solutions.
In today’s digital age, customers are used to personalised services. From the TV series and movies, they watch to the food they order online, customers are choosing from a number of decisions made by recommendation algorithms. After all, who has the time to go through an endless sphere of possibilities? An effective recommendation algorithm requires one single thing: Data. And that’s something banks have a slew of. To remain competitive and stay ahead of the market, banks need to start making use of the tremendous amount of transactional data that they possess and provide their customers with tailored solutions— and here’s where AI-driven PFM in banking comes into play.
Our AI-Driven Personal Finance Manager (PFM) Tool Make Money Management Easier, Smarter, and More Personal.
What is PFM and How It Categorises Transactions Automatically with Accuracy?
AI-powered PFM constitutes the core of the digital banking experience. The tool offers access to the full suite of banking features, being seamlessly integrated with core banking systems. PFM categorises transactions automatically with precise accuracy. It aggregates customer’s financial data from sources such as bank accounts, investments, insurance, and many more. By providing intelligence, learning, and analytics to guide users to make more informed financial decisions, PFM ultimately establishes stronger engagement between customers and their banks.
Transforming Insights into Actions
To make a personalisation strategy profitable, banks need to keep customers engaged and take care of their financial well-being. Banks could advise their customers with brand new strategies to keep their finances up, like setting up a personalised savings plan or they could offer them a specific financial product that can be beneficial for their current situation.
Hyper Personalised Communication | Targeting (Customer-Centric Approach)
As per studies, personalised communication is more effective than non-targeted marketing campaigns. PFM allows banks to stay one step ahead to address their needs with timely solutions and recommend the best course of action at any given moment. It promotes upselling and cross-selling, boosting return on investment.
How CRIF’s AI-Driven PFM Benefits Banks
CRIF’s PFM solution tool puts personal finance at the heart of financial planning and gives your customers complete visibility into their financial health. CRIF's Personal Finance management solution offers banks and financial institutions an extensive overview of their customer’s financial status, along with budgeting, expense tracking, and financial planning tools. This solution allows banks to offer customers tailored financial guidance and recommendations, empowering them to make more informed decisions.
PFM Users Purchase More Financial Products Compared to Non-Users
CRIF’s PFM solution leverages customer data, generates forethoughtful insights, and offers smart recommendations. It anticipates the customers’ needs and proactively suggests the next-best action. Cross-up selling opportunities are especially abundant when personalised offers are built into CRIF’s PFM tool, meaning the right customer is offered the right product at the right moment and thereby maximises customer lifetime value.
Know more about how CRIF PFM can help you build trusting relationships with your customers and help them achieve their financial wellness.
