‘Personalization’ is all the hype and the need of the hour. It delivers the right content in terms of products, services, and communications; to the right person at the right time. Personalization is a differentiating factor. As companies digitize and automate their customer communications, it leads to personalizing that content, which keeps the company and client relationship feeling human. It allows a company to approach audience members as individuals, from websites to emails, creating tailored experiences for millions of customers.
Let us now see the power of personalization in various FinTech sectors.
Banks and Insurance companies have been targeting customer cohorts, and tailoring offers to them for decades. Until recently, these capabilities have been adequate to help banks differentiate their institutions, build customer engagement, and gain competitive advantage. But this advantage is eroding. But companies that are tech-savvy and understand the importance of personalization as the center of their business models are successfully scaling to achieve significant performance gains.
The banking and insurance industry can deliver meaningful and powerful personalized experiences by using their existing data and everyday customer touchpoints. Thus, helping them to go beyond next-best offers, targeted marketing, and creating more customized, relevant end-to-end experiences for customers.
Personalization in banking and Insurance is not primarily about selling. It’s about implementing service, information, and advice, often daily or even many times a day. These interactions, as opposed to infrequent sales communications, form the crux of the customer’s banking experience. In functional terms, personalized banking means delivering the right individual experience through the right channel at the right time. Winning banks can rebuild trust and enable more profound and more beneficial financial relationships.
Consumers choose to manage their finances entirely online. To keep experiences personal, numerous financial firms have adopted chatbots powered by artificial intelligence to interact with customers. They allow anyone to receive individual feedback and customer support immediately. But that is not enough. The capacity to have one-on-one relationships with a mass audience is a huge finding — one that will provide benefits to consumers, content producers, and marketers alike.
Personalization is the first step when designing a portfolio. Yet it is the most overlooked aspect of portfolio advisory services in India. Every customer is different, and their goals are different, and so are their challenges. It is not justified for customers to hold the same portfolio, which is designed for someone else. Having a personalized portfolio helps overcome this challenge by investing in stocks that suit your client’s risk appetite and financial objectives.
Let’s say that your client already has a few stocks in his portfolio. But it is not justified whether the portfolio recommended to his friend/family can be designed concurrently with his existing stock portfolio. This gives birth to chaos and confusion. This is where personalization comes in. If your client has a portfolio that doesn’t collide but complements his existing portfolio, then the path to wealth creation becomes more natural.
Having such personalized portfolios will help your clients stay in sync with their goals.
According to Extractable’s web analytics research, visitors introduced to personalization on banking websites have three to eight times the conversion rates as compared to visitors introduced to inactive messaging. Additionally, Episerver data indicates 25 percent of global shoppers are more likely to purchase from a brand again when their experience is personalized.
Leading financial institutions are approaching personalization as a journey, developing a vision and rolling out tangible use cases, and customer experiences in waves. With the introduction of NexWeave, non-technical marketers can implement personalization targeting anonymous and known website visitors. NexWeave helps minimize the complexities involved in implementing personalization.
With the adoption of NexWeave, financial institutions can excel in personalization and achieve the lift in applications and customer loyalty.
Personalization is becoming a reality, with leading institutions seeking to transform how they interact with customers. Those institutions that embrace this challenge most rapidly and deliver true end-to-end personalization will create significant leverage on their competitors. But time is running out. For those who have not already embarked on the journey, the time to act is now.
What is Video personalization? ‘Personalization’ is all the hype and the need of the hour. It delivers the right content in terms of products, services, and communications; to the right person at the right time. Personalization is a differentiating factor. As companies digitize and automate their customer communications, it leads to personalizing that content, which […]
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