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Fintech Insider Podcast by 11:FS
820. Insights: Personalisation in banking
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.
49:08
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Quick takeaways
- Personalization in banking involves tailoring financial products, services, and advice based on individual customer data, using real-time data, AI, and machine learning.
- AI plays a significant role in personalization, enabling automated processes, tailored services, and proactive financial planning while considering potential biases and ethical implementation.
Deep dives
The Importance of Personalization in Banking
Personalization in banking is a crucial trend highlighted in the Alumni Fest Pulse Report. It involves tailoring financial products, services, and advice to individual customers based on their data. The use of real-time data, AI, and machine learning enables this level of personalization. It goes beyond just marketing and becomes an integral part of the product lifecycle. Personalization can solve individual customer problems, improve user experience, and drive better financial outcomes. However, it is important to ensure that personalization is done ethically, without crossing privacy boundaries or promoting irrelevant products.
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