Banks and credit unions need to invest in and fully embrace digital tools that will allow them to customise their relationship with their clients thereby winning their trust and gaining their loyalty. Customer expectations are rising as more and more companies employ data and analytics capabilities to enhance client engagement and streamline the transaction process. The ability to deploy the power of customer insights will be the dividing line between the winners and losers of the digital future.
Jim Marous elaborates on the impact of personalized customer experience in this article from The Financial Brand:
As organizations capture more insights and reach further into consumers’ lives, it is imperative to address the privacy, security, ethics, trust and compliance issues that may arise. As opposed to being a restriction to growth, these regulations should be guides for use of data and an opportunity to differentiate in the marketplace. As consumers become more aware of the value of their identity, they will demand value in return for sharing insights. Those firms that provide the greatest value in return will benefit the most. These firms will also be the least likely to be hampered by privacy regulations that allow consumers to block use of their data.
[…]
With greater availability of insights and advanced digital technology, companies are moving away from transactional engagement to personalized products and individualized experiences. The one-to-one relationships discussed in 1993 by Don Peppers and Martha Rogers are finally coming to fruition, with technology playing an increasing role. With new digital technologies, organizations have direct touchpoints with customers, with the ability to collect real-time information and deploy immediate recommendations.
These ‘snapshots’ occur 24/7/365, providing the opportunity to deliver personalized products and services, and allow for a value exchange that consumers will appreciate. As mentioned by Accenture, “The goal is to become each individual customer’s ongoing, trusted partner. Companies will achieve this by understanding the technology people use and how they use it, creating the insights needed to integrate seamlessly into the person’s life.”
Those organizations that successfully grasp technology identities will achieve a living, individualized view of each consumer — one that’s needed to deliver rich, continuous, experience-based relationships in the post-digital age.
