5 banks doing a great job at digital banking personalization
Personalized banking services catered to your needs and preferences? Customers like the sound of that, for sure. One in two people said they would welcome receiving individualized financial advice from banks, such as information on their spending patterns and suggestions for money management.
In this post, SmartOSC Fintech will present 5 banks that are excelling at digital banking personalization.
Direct Assurance
A DriveBox device is connected to clients’ automobiles as part of Direct Assurance’s “YouDrive” program, which creates a score after each trip and logs occurrences during every voyage. The premium decreases as the score rises.
Digital banking personalization must also show value addition. Simply informing customers of how they are spending their money is insufficient. Instead, suppliers must demonstrate to customers how to take advantage of deals and save money, continues Accenture.
Bank of Ireland
In order to increase consumer engagement, the Bank of Ireland has been combining online and offline data. It began utilizing tagging and monitoring techniques to personalize email communications and omnichannel branch experiences after taking a page out of the digital titans’ book.
There has been a 278% increase in application submissions across all digital media, so these efforts surely seem to have paid off. Additionally, digital banking personalization has seen a 15% increase in personal loan digital application submissions because to the presentation of personalized material.
Smartosc solutions : BACKBASE DIGITAL BANKING, BUY NOW PAY LATER, LOS, CDP, EKYC, DIGITAL ONBOARDING
Capital One
US-based Capital One has been collaborating with analytics platform Foursquare to create a solution that leverages location-based consumer data to notify customers who purchase at partner stores about real-time mobile banking app notifications.
According to reports, Capital One has been beta-testing location-based discounts for more than a year with the ultimate objective of increasing card use at particular merchants and in digital banking personalization.
Bank Zachodni WBK
In order to better understand its consumers, Bank Zachodni WBK in Poland launched its Neo Intelligence initiative, which analyzes social networks and tracks online community activities. To understand the motives of bank clients and to target them with offers and services that are pertinent to them, social roles, such as leader or follower, have been ascribed to them.
Both customer acquisition and relationship building with digital banking personalization valuable clients are supported by the project. The campaign’s effectiveness has increased 15-fold, and the number of responses received has doubled.
HSBC
To provide US credit card holders with a customized purchasing experience, HSBC has begun utilizing AI. It is developing a rewards program that analyzes consumer information to forecast how customers will use their credit card points, allowing it to more effectively promote products like vacations, retail, gift cards, and cash.
Each credit card customer receives a redemption category recommendation from the technology. In addition to emailing a random category to a control group, HSBC also sent emails based on these recommendations. About 70% of the previous group leaped at the prizes, while email opens increased by 40%.
The most recent trend indicates that fintech companies are flourishing in their use of personalization in their business life cycles. They either require a customized digital experience platform or must adapt their current systems by personalizing financial services. All of this indicates that this tendency will continue and grow in the next few years. More than 75% of bank clients want to continue their digital banking habits.
SmartOSC Fintech believes that digital banking personalization and automation are the only logical upgrades that any bank can provide its customers without imitating rivals. Because of the way they deal with their customers and deliver services. It needs to be original and inventive. If you have any questions, do not hesitate to contact us.
