This article is Part-1 of the series Personalization For Banking, check out the related articles section for further readings.

What does personalization mean?​

Personalization is the process of tailoring interactions, content, and experiences to individual customers based on their interests, preferences, and behaviour.​

Personalization has become ubiquitous, permeating every facet of our digital lives. From the curated playlists on music streaming services to the product recommendations on e-commerce sites, personalized experiences have become the norm, shaping consumer expectations across industries. In this environment, the banking sector is no exception.

Not convinced?

A staggering 82% of Gen Z users are willing to switch their financial institutions for a superior digital experience.

According to BAI 2024 Banking Outlook, lack of personalization is identified as one of the top 3 biggest frustrations with digital banking.

What does personalization mean in the context of banking?

Personalization in banking is not just a trend—it's a strategic imperative that can significantly impact your institution's success.

By understanding and anticipating the unique needs of each customer, you can move beyond generic offerings and deliver highly tailored experiences that resonate on a personal level.

This approach isn't just about meeting customer expectations; it's about exceeding them by providing the right product, at the right time, through the right channel.

As bankers, leveraging personalization allows you to deepen customer relationships, increase retention, and ultimately drive higher profitability

‍Personalization is a force multiplier:

Banks leading in personalization maturity can see a 20% uplift in customer satisfaction, a 10-15% increase in sales conversion rates, and a 20% rise in employee satisfaction.

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Personalization should be viewed as an ongoing process rather than a final goal. Initiating even at the "basic" level can lead to revenue increases of 5-10%.

As organizations progress to an "Enhanced" level of maturity, they can anticipate revenue boosts of 10-20%, and reaching an "Advanced" stage can drive gains of 25% or more. Mckinsey
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Stay tuned, in the next article of this series, we will go through the 7 steps to strong personalization strategy.

Are digital hurdles slowing your deposit growth? Symphonize helps banking institutions elevate their digital customer experience to match Gen Z's expectations.

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