The future of customer experience in banking is personalized
Financial institutions must combine data, analytics, technology, and marketing automation to deliver a personalized experience that is customer-centric. Engagement must be based on real-time changes in consumer behavior, avoiding traditional product sales pitches but providing proactive recommendations that are fast and easy to deploy and respond to.
To a greater degree than ever, physical and digital channels are being integrated through data, advanced analytics and modern technologies. Consumers no longer accept being “forced” to use a banking channel they don’t want to use, or to have other interactions be time consuming and difficult. These expectations, combined with the level of personalization provided by big tech and fintech firms, are putting pressure on the marketing departments of financial institutions to catch up.
Banks and credit unions must provide insight and intelligent decisioning in real-time, personalize at scale, and understand the entire customer journey both within and beyond the financial institution. The result will be engagement and communication that will be more intelligent, more customer-centric, and more timely than has been possible before. This will create a level of trust that will result in an improved ROI and an experience that will humanize digital and physical interactions.
The financial institutions that learn to leverage data, advanced analytics, modern technology, and marketing automation will be the winners in a post-pandemic world that has made consumers more aware than ever of the digital customization potential from organizations such as Amazon, Netflix, Instacart, and others that incorporate marketing agility into their business practices, saving consumers time and effort.
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