Move beyond traditional marketing to embrace AI-driven personalization
Olly Downs, Curinos's Chief Technology and AI Officer, discusses how financial institutions can overcome personalization bottlenecks, leverage AI technology, and deliver truly personalized experiences at scale in an increasingly competitive banking landscape.
Only 25% of banks say their marketing is either predictive or prescriptive, so the industry needs help modernizing its customer engagement approach. As digital competitors continue to raise the bar for customer experience, traditional banks and credit unions must evolve their personalization capabilities or risk losing customer relationships.
On a recent episode of the Banking Transformed podcast, host Jim Marous spoke with Curinos’ Olly Downs about how banks can leverage AI and machine learning to overcome personalization bottlenecks and deliver more sophisticated customer experiences.
Breaking through the personalization bottleneck
While financial institutions often discuss the need for personalized solutions, a significant gap exists between aspirations and implementation. “We call this the personalization bottleneck,” explains Downs. “If you think of the transition over the last 30 or 40 years in banking from truly personalized relationships between a customer and their banker, in person in a branch, to the proliferation of channels of engagement with the customer, it’s put pressure on three major areas: analytics and audience, marketing creative and creative development, and the ability to experiment.”
According to Downs, the challenge is that most banks operate on quarterly campaign cycles that need to catch up with rapidly changing market conditions and customer needs. “To truly create a personalized engagement with a client, it’s pushing on a scale and pace of business processes and the ability to act with supporting technology that isn’t humanly possible with the teams that most banks have,” he notes.
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