Omnichannel personalization in banking & finserv companies

Leveraging analytics, financial institutions can better understand customers’ financial needs and identify personalized engagement opportunities based on their customers’ interests, preferences, and needs on loans, credit cards, mortgages, and insurance.

For example, mining social media data can help in finding out which customer is talking about traveling soon and may need travel insurance. Combining that data with available account balance can help in offering a personalized travel insurance that is much more likely to result in a purchase. Similarly, when someone updates their Facebook profile to show that they have kids, it‘s possible they will want to start a 529 college savings plan—or perhaps buy a house. This provides the bank with an opportunity to provide deeper engagement via personalized content.

Among the top 7 benefits of omnichannel personalization are happy, engaged customers, better experiences, increased spending, and higher customer loyalty.

Leveraging customer-centric data can help in finding segments to upsell other services. For instance, analyzing behavioral data such as a customer’s recurring visits to the mortgage loan information page or a credit card comparison might indicate plans to purchase a home or open a line of credit, and an opportunity to provide personalized service based on that purchase intent or interest. Finserv providers and banks are re-engineering the Customer Journey to deliver a sticky banking experience and build financial confidence with seamless and consistent experiences across touchpoints.

Deepening your customer understanding by combining data from sources like online behavior, in-store behavior, purchase history, profile data, and social graphs is key to winning at personalized customer experience. These personalized elements can be the most important factor in creating a successful, competent, and high-value engagement with today’s customers who like to engage with brands that deliver what they need, when they need it, regardless of channel.

Connect with Photon to dive deeper into the subject and learn the advanced personalization tactics of the most digitally-mature Fortune 500 companies.