[Guide] Why Personalization Is the Future of Financial Services - Perficient Blogs
[Guide] Why Personalization Is the Future of Financial Services
by Scott Albahary on November 23rd, 2020 | ~ 2 minute read
“The future of banking is going to be very personalized — one to one. Banks need to become more relevant in the moment for a consumer who has a particular problem. The power of data and artificial intelligence can help us do that.” Lisa Frazier, Head of the Wells Fargo Innovation Group
Personalization is the future of financial services. It is becoming the key driver behind ongoing digital strategies, and the industry pundits echo that. Financial services companies say the top two challenges facing them are acquiring new customers and creating personalized experiences.
In an age where 64% of people would consider banking with a tech company, financial services companies are focused more and more on personalized customer interactions. Upwards of 75% of consumers are willing to share personal data as long as they feel that data is secured and is used in return for better advice, better deals, or a better experience across physical and digital channels.
These two things – customer willingness to share information, and the industry’s increasing need to be more relevant for a customer – are driving interest and investment in technologies like artificial intelligence, machine learning, and smart personalization.
Personalizing the customer experience is no easy task. Financial services companies face many challenges in building the foundational aspects of personalization tools, and these tools are essential to enabling the “authentic” personalization that many in the industry feel is necessary to remain relevant to a new generation of customers.
You will need cutting-edge technologies, such as artificial intelligence, to facilitate it. You will need to be able to orchestrate the integration of vast amounts of internal, external, and activity-based data. And, you will need various technologies to help manage it all, not to mention a culture that’s capable of exploiting what the data can offer.
Because, in the end, it’s all about the data.