The future of banking is a topic of much debate, with 10 industry professionals having 10 vastly different opinions. But one thing they all agree on is the need for financial institutions to offer a customer-centric, hyperpersonalized experience.
Hyperpersonalization leverages real-time data to provide context-specific services, products, and pricing that meet customer needs. Financial institutions already have a wealth of customer data, making it possible for them to improve the financial wellness of millions. With some leaders already reaping the benefits, it's time for banks to embrace a paradigm shift and embrace the opportunity that hyperpersonalization presents.
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Customers want the ‘Netflix experience’ - one where they are recommended a product they might love before they even know they want it.
Use a single-platform approach
By adopting a platform model, you’ll get the required capabilities to execute your hyperpersonalization strategy, plus all the benefits that come along with it. But don’t worry, there’s no “rip and replace” needed.
Invest in flexible technology architecture
In order to increase agility and enable a single-platform approach, you’ll need to cut down on tech and workplace silos. It’s a massive — yet necessary — part of digital transformation.
Deliver on your data promise
With the groundwork in place, you’ll become a trusted advisor to your customers. This will deepen the loyalty they feel towards you and allow you to capitalize on it to up-sell and cross-sell more products.
Embrace standardization and integration
In order to capture, store, share, analyze, and act on your data, you’ll need to create a standardization and integration program. And in the process, you’ll ensure you get the maximum value out of your investments.
With hyperpersonalized services you will be at the forefront of a trend that will shape the next 10 years of banking.