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What Does Personalization in Banking Really Mean?

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What Does Personalization in Banking Really Mean?

Boston Consulting Group,

5 min read
5 take-aways
Audio & text

What's inside?

Banks must start charting their course toward personalization – or risk getting wiped off the map.


Editorial Rating

7

Qualities

  • Analytical
  • Eye Opening
  • Overview

Recommendation

Customers want their banking transactions to resemble their experiences on Amazon, explains this illuminating Boston Consulting Group article. The growing wave of personalized consumer experiences means that banks can no longer gain the same benefits from segmented product offers and other conventional practices. Learn how to chart your firm’s course toward personalization and what tools to pack for the journey. 

Summary

For decades, banks have benefited from a strategy of segmenting product offers. Now, those benefits are shrinking as consumers crave more individualized interactions like those they’ve experienced in the tech and retail industries. Most people willing to change banks say that they’d open accounts with a big tech firm like Amazon or Facebook if possible. But banks can still compete if they use their data and customer interfaces to personalize every aspect of the customer experience, including digital and in-person transactions. Customizing the experience at call centers and branches could be a “game changer.” Done...

About the Authors

Sonia Brodski, Laurent Desmangles, Stefano Fanfarillo, Shervin KhodabandehSilvio Palumbo and Maximiliano Santinelli are professionals with the Boston Consulting Group.


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