Fintech Insider Podcast by 11:FS 820. Insights: Personalisation in banking
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Jan 25, 2024 Experts discuss the importance of personalized financial services and customer-centricity in 2024, highlighting the role of real-time data, AI, and machine learning. They explore the potential of personalization in banking, including tailored solutions for different customer needs and the balance between personalization and standardization. The speakers also discuss the potential of AI in creating personalized banking experiences, from wealth advisory to fraud monitoring, and the challenges and risks associated with AI implementation in banking.
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Personalization Is Core To Products
- Personalization in banking means tailoring products and services to individual needs using data.
- It has moved beyond marketing to a crucial element at every stage of product development.
Data Empowers Personalized Banking
- Banks have a treasure trove of data but often don't use it effectively for personalization.
- Open Banking enables putting customers back in control of their data for better outcomes.
Solve Real Customer Problems
- Focus personalization on solving genuine customer problems, not just surface-level customizations.
- Provide customers control and flexibility while avoiding over-personalization that feels intrusive.