Lessons from the long road to personalization in banking
Most financial institutions grasp the need for personalization in a world used to Netflix. A true 360 degree view of customers is tough to pull off, however. That's why financial marketers still rely on personas. The marketing head at a mid-sized community bank details their journey toward one-to-one marketing, a far superior place to be.
To all the marketing and retail banking executives out there who may be feeling like their institution will soon be left “eating dust” as the rest of the world roars off toward digital banking and marketing nirvana, don’t despair.
Yes, the trends are real. Yes, they are challenging the established order in banking. But no one has nailed it yet.
Even mighty Amazon doesn’t always get it right. If you have a shared account, you’ll know that their recommendations don’t always make sense.
And the megabanks, despite spending gazillions and having some awesome front-end features, still get tripped up by platforms that provide a customer with two different balances for the same account at the same time.
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