Hyper-personalisation: the AI trend accelerating customer relationships in banking
GUEST OPINION by Krishna Kumar, Business Head Australia, Newgen Software Technologies: With 98.9% of banking online or via mobile apps1, coupled with the rise in mobile wallets and digital cards, its natural AI-powered customer interactions are revolutionising the sector. And it’s happening through hyper-personalisation—an AI-driven approach that transcends generic customer segments to understand and anticipate customers’ individual preferences—that will shape the industry for years to come.
We have entered an era where banks that continue to rely on one-size-fits-all communication risk alienating customers who crave deeper insights and tailored solutions. By harnessing the power of data and machine learning, banks are changing the way they engage with customers, increasing touchpoints, and resulting in higher-value relationships. Hyper-personalisation works by deploying everything from purchase history to browsing habits, to create a customer experience that feels uniquely tailored. It goes beyond demographics to create products, services, and content that resonate with a customer’s specific needs, wants, and even aspirations. This helps banks take the customer relationship to a whole new level and potential yield while actively supporting client retention because the client feels heard and valued.
Hyper-personalisation extends beyond marketing and product offerings; it fundamentally changes service interactions. For example, AI-powered chatbots can handle routine inquiries, freeing up human agents to focus on complex and nuanced issues. These intelligent virtual assistants can even be trained to recognise individual customers and tailor their responses accordingly, creating a more seamless and efficient experience. To seize the AI opportunity and engage in hyper-personalisation to create a deeper customer-centric strategy, financial institutions must:
Invest in Data Infrastructure: Build a strong data foundation, which is crucial for hyper-personalisation. Banks must deploy advanced systems that collect, analyse, and interpret customer data in real time.
Prioritise AI and Machine Learning: Adopt AI and machine learning algorithms to continuously enhance understanding of each customer’s unique preferences and needs.
Reimagine Communication Strategies: Develop personalised communication channels featuring tailored offers, insights, and advice based on each customer’s financial profile and aspirations.
Empower Frontline Staff: Human interactions remain invaluable. By providing customer service representatives with AI-powered tools, banks can empower them with a comprehensive understanding of each customer, leading to more meaningful and impactful interactions.
Build Personalized Products and Services: Innovation remains essential. Data can be used to continuously delight customers through personalised products like investment portfolios, customised loan options, or unique rewards programs.
With the power of AI through a hyper-personalised framework, banks can transcend the limitations of traditional models and usher in a new era of customer-centric banking.
Banks that invest in this transformative approach will be well-positioned to lead, not just in terms of profitability but also in terms of customer satisfaction, loyalty, and brand reputation.
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