How banking providers can achieve hyper-relevance in the Amazon age
The subject of 'personalization' has dominated CX conversations in the financial industry recently. But making banking interactions more relevant requires more than just using a customer's first name in the salutation of an email. A lot more. Here's what financial institutions can learn from pioneering tech firms like Amazon, Netflix and Google who have raised the bar.
“Personalization” is not a new or novel concept in banking. For centuries, financial institutions have prided themselves on the personal experience they delivered to each customer. But this CX strategy was easier to implement when physical branches were the primary — and sometimes only — touchpoint banking providers needed to worry about.
With the rise of digital, however, everything has changed. Banks (and even many credit unions) are now embracing data analytics to try and understand and predict consumer behavior. They mine user-specified preferences and fixed attributes such as age and income to shape various interactions. But this is just the beginning, says global consulting firm Accenture. They argue that basic personalization strategies must now give way to a new concept, one they call “hyper-relevance.”
According to Accenture, a new, hyper-relevant approach to CX should much more fluid and elastic, evolving as both consumers and their circumstances change. Financial institutions must delve deeper into the context of people’s purchasing decisions, and truly understand where each customer is in their buying journey.
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