Use Cases of Hyper Personalisation in Digital Banking

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Hyper-personalization is transforming the banking industry. It offers consumers tailored services and enhances their digital banking experience through behavioral data science and Artificial Intelligence (AI).

McKinsey reports that banking personalization can reduce acquisition costs, increase revenues, and improve marketing efficiency significantly. Several driving factors fuel the rise of hyper-personalization, including the need for brand distinctiveness, open banking, rapid technological innovation, and financial inclusion.

Here are five significant examples of hyper-personalization in digital banking:

1. Custom-made Product Recommendations

The Bank of Ireland aims to become the ‘Netflix of Banking’ by utilizing data science, AI, and machine learning to recommend the right products and offerings to meet customers’ evolving needs based on their life situations.

2. Predicting Customer Needs

Fintech company Personetics partnered with KBC, a Belgian bank insurance group, to introduce Engage, a white-label solution offering personalized data, financial advice, and automated money management to KBC’s customers.

3. Providing Financial Management

Meniga, a software company, collaborated with Länsförsäkringar, a major Swedish financial institution, to launch a Personal Finance Management (PFM) solution. This solution offers real-time data on spending habits and acts as a personal finance advisor.

4. Tailored Promotional Offers

Santander Bank in Poland utilizes AI to generate timely, individualized offers that align with customers’ purchasing patterns, aiming to become the best open financial services platform that adapts to individual preferences.

5. Offering Personalized Loans

Dutch bank ABN Amro, in partnership with fintech company Subaio, leverages insights from customers’ payment data to provide personalized loan offers based on their recurring payments and financial products.

Also Read: Hyper-Personalization in Digital Banking: Use Cases, Implementation, and Challenges

Summing Up

Hyper-personalization is reshaping the banking landscape by harnessing customer data and delivering tailored services and products, ultimately improving customer satisfaction and loyalty. As digital banking becomes the new norm, financial institutions increasingly invest in technology solutions to meet the demands for a more personalized and connected banking experience.

Read More: Hyper Personalisation: 5 use case examples in digital banking

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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