How ‘hyper personalization’ creates high-touch customer experiences at scale
Digital tech can deliver experiences that mimic the "personal touch." But delivering on that promise requires a matrix of mature customer-centric capabilities around data quality, experimentation, technical infrastructure and AI fluency.
In banking, “hyper-personalization” represents not just a strategy for developing better overall customer experience, but as a way to monetize that customer experience more immediately.
Unlike other industries, such as hospitality or retail, a great experience in banking or finance does not as easily translate to earning more business. For example, just because a customer might feel their bank has a best-in-class mobile user experience, that does not mean they will go with that same bank for their next mortgage or even recommend others to do so. A seamless and resonant customer experience may earn you the right, but banks and credit unions must capitalize on that affection into monetizable moments.
Those banks and credit unions who can steadily mature their hyper-personalization capabilities stand to not only win hearts and minds, but also win new customers, deposits and overall share of wallet. BCG studies have shown that personalization in banking can lower rates of user churn and increase sales, leading to annual revenue uplifts of 10%.
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