{"id":294,"date":"2023-07-25T20:26:00","date_gmt":"2023-09-04T20:26:49","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=294"},"modified":"2023-10-17T11:45:53","modified_gmt":"2023-10-17T11:45:53","slug":"financial-services-hyper-personalisation","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/eu\/blog\/financial-services-hyper-personalisation\/","title":{"rendered":"Is Financial Services ready for Hyper-Personalisation?"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\" id=\"customers-are-enthusiastic-for-it-but-do-banks-insurers-and-wealth-managers-have-the-tools-to-deliver-winning-hyper-personalisation-strategies-that-increase-satisfaction-retention-and-revenue\"><span>Customers are enthusiastic about it. But do banks, insurers and wealth managers have the tools to deliver winning hyper-personalisation strategies that increase satisfaction, retention and revenue? <\/span> <\/h4>\n\n\n\n<p>As consumers, we\u2019re no strangers to personalised marketing. Companies use our data \u2013 personal, behavioural, locational \u2013 to recommend products or provide tailored services at the right time and place. And while retailers, content platforms, and a raft of organisations in a range of industries have mastered this curated approach, financial services institutions are at an earlier stage of their journey, with fintech firms leading the way within the sector. However, there\u2019s clear and growing interest, driven by advancements in artificial intelligence and data strategies.<\/p>\n\n\n\n<p>For me, personalisation \u2013 and increasingly, hyper-personalisation \u2013 is about delivering great, fully connected experiences. Being where the customer wants, when they need it, with products that meet their needs and expectations. It\u2019s a concept that\u2019s been around for a while.<\/p>\n\n\n\n<p>Back in the day, personalisation meant using your customer\u2019s name in an email. Now, as we head into an era of hyper-personalisation, things are a bit more sophisticated. We\u2019ve got more data for a start, so we know our customers better. And, in the context of financial services, this is gold.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"demand-and-disruption\"><span>Demand and disruption <\/span> <\/h2>\n\n\n\n<p>Accelerated digital adoption is a key reason we\u2019ve seen the drive to greater personalisation in most sectors. Lockdowns, of course, played a pivotal role in this, triggering a mass move (out of necessity) to everything online. But there\u2019s also been a general trend towards increased use of digital channels across all ages and demographics. And the more we use and rely on these channels, the more we expect from them.<\/p>\n\n\n\n<p>It\u2019s worth noting here that the quality of the digital experience was <a href=\"https:\/\/www.salesforce.com\/uk\/resources\/research-reports\/financial-services-report\/\" target=\"_blank\" rel=\"noopener\">the top reason customers switched providers<\/a> in the past year. That\u2019s across banking (51%), insurance (29%) and wealth management (45%). The upshot is, connected experiences matter.<\/p>\n\n\n\n<p>Competition is another reason banks and other financial services organisations need to raise their game. If customers are craving personalisation and connectivity across digital channels, they can get it from challenger banks, fintechs, and big tech firms today. Unencumbered by legacy technology, taking advantage of open APIs and a new open banking landscape spurred by regulation, they\u2019re demonstrating what can be achieved when you use data in an agile way. It\u2019s a lesson to all financial services players.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"challenges-and-considerations-on-the-path-to-personalisation\"><span>Challenges and considerations on the path to personalisation <\/span> <\/h2>\n\n\n\n<p>Infrastructure modernisation is a key hurdle for many banks, insurers and wealth managers. If you\u2019ve got siloed data sitting within legacy systems, it\u2019s very difficult to gain a 360-degree view of your customer. Pulling this data together \u2013 not just internal data but from external sources too \u2013 is crucial because it gives you a single source of the truth that can be used in your interactions with customers across different channels.<\/p>\n\n\n\n<p>Some of our recent research shows that the average customer now uses <a href=\"https:\/\/www.salesforce.com\/resources\/research-reports\/state-of-service\/\" target=\"_blank\" rel=\"noopener\">10 different channels to communicate with companies<\/a>. And they expect to receive the same high level of engagement across them all. Whether through a portal, on the phone, via chat, or email. They want personalised responses that show understanding and add value to their journeys, even as they jump from one channel to another.<\/p>\n\n\n\n<p>The solution to combining this data and ensuring consistency across channels can be simple.<\/p>\n\n\n\n<p>One Salesforce customer, Edelweiss Global Wealth Management, gave its financial advisors access to real-time customer information through the Salesforce mobile app. With a total view \u2013 customer interactions, history, profiles, and feedback \u2013 advisors now close cases within the agreed service level agreement 97% of the time, <a href=\"https:\/\/www.salesforce.com\/in\/form\/pdf\/fins-hyper-personalisation-ebook\/\" target=\"_blank\" rel=\"noopener\">boosting customer satisfaction<\/a>.<\/p>\n\n\n\n<p>In the pursuit of getting more out of data, there\u2019s an obvious and important issue around trust. Banks, insurers and wealth managers need to use data well to ensure customer trust.<\/p>\n\n\n\n<p>Research has shown that 55% of consumers say they trust banks and financial services providers with their personal data. This is <a href=\"https:\/\/today.yougov.com\/topics\/technology\/articles-reports\/2021\/04\/23\/global-data-which-sectors-do-consumers-trust-most-\" target=\"_blank\" rel=\"noopener\">ahead of other organisations<\/a> including hospitals, government agencies and airlines. It\u2019s a high level of confidence. And arguably a decent indicator that if customers get a better experience \u2013 tailored services at the right time, for instance \u2013 they\u2019d be happy for more of their data to be used.<\/p>\n\n\n\n<p>The key is to ensure a fair exchange. And that consumers\u2019 data remains safe at all times.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"driving-loyalty-with-intelligence\"><span>Driving loyalty with intelligence <\/span> <\/h2>\n\n\n\n<p>The ultimate in customer-centric service is the end game of the whole process. In a way, it\u2019s striving to capture the personal approach of past times. Like face-to-face meetings with a bank manager who acts as an adviser throughout your lifetime. Knowing you\u2019re looking to move house, you\u2019re about to have a baby, you\u2019re planning retirement. Whatever the life event might be.<\/p>\n\n\n\n<p>While most of us haven\u2019t experienced knowing our bank managers, we can all appreciate the value of the personal touch at critical junctures in our lives. And the fact that someone understands the hurdles in your life as \u2013 or even before \u2013 they arise. At a time when customers are looking for greater support \u2013 79 per cent said they didn\u2019t feel their <a href=\"https:\/\/www.salesforce.com\/uk\/resources\/research-reports\/financial-services-report\/\" target=\"_blank\" rel=\"noopener\">financial service provider helped them fully prepare<\/a> for economic uncertainty \u2013 the opportunity is huge.<\/p>\n\n\n\n<p>Financial services organisations that master their role as advisors in the digital age. That provides a seamless experience across multiple channels. They predict their customers\u2019 needs with accuracy, not intrusion. These are the businesses that will build trust, increase engagement, and drive life-long loyalty.<\/p>\n\n\n\n<p>This brings us to an interesting point about loyalty. It\u2019s often not just about the individual.<\/p>\n\n\n\n<p>Financial decisions made by one family member intrinsically affect numerous other family members. An organisation that has a trusted relationship with one customer has a significant opportunity to build on that, through personalisation, to other members of the family. So there\u2019s a lot to be gained by getting that initial relationship right.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"making-it-personal-in-financial-services\"><span>Making it personal in financial services <\/span> <\/h2>\n\n\n\n<p>Knowing your customer is the first step. DMI Finance, for example, built its personalisation strategy around its customer relationship management system.<\/p>\n\n\n\n<p>At the back end, the platform interacts with multiple systems enabling up to 40 API-led know-your-customer checks. It brings together data from supply chain partners and service providers, as well as customers. It integrates over 20 apps for credit decision-making. And, as all this goes on in the background, DMI Finance\u2019s <a href=\"https:\/\/www.salesforce.com\/in\/form\/pdf\/fins-hyper-personalisation-ebook\/\" target=\"_blank\" rel=\"noopener\">customers experience a seamless service<\/a> and get credit decisions in less than one minute.<\/p>\n\n\n\n<p>My point is, no matter how complex your systems are, when you have your data in order \u2013 and the agile technology to drive it \u2013 knowing your customer becomes much easier.<\/p>\n\n\n\n<p>Then, with analytics, you can reach insight. From the basics like what channel customers prefer, to the more advanced state of being able to recommend (or approve) products, services or actions based on behavioural data. Whether that\u2019s giving customers sustainable investment options as they build their portfolios, or suggesting to a parent to start saving for their child\u2019s university education. Using machine learning and artificial intelligence, you can understand what customers want to achieve and use that information to support them through their lives in a meaningful way.<\/p>\n\n\n\n<p>But this is just the near future for personalisation in financial services. The next level \u2013 beyond banking \u2013 will see personalisation supercharged as financial services organisations partner with third-party brands to build a trusted community of interconnected providers.<\/p>\n\n\n\n<p>This represents the transition from open banking to open finance. And the ability to leverage more far-reaching sets of data than ever before.<\/p>\n\n\n\n<p>With customer trust coupled with the right technology, I believe it\u2019s a vision that any financial services business can confidently step into, further transforming experiences through new levels of personalisation.<\/p>\n\n\n\n<div class=\"layout-six wp-block-salesforce-blog-offer\">\n\t<div class=\"wp-block-offer__wrapper\">\n\n\t\t<div class=\"wp-block-offer__content\">\n\t\t\t<h2 class=\"wp-block-offer__title\"><span>Connect with Customers Using Financial Services Cloud<\/span><\/h2>\n\t\t\t\t\t\t\t<p class=\"wp-block-offer__description\">Use Financial Service Cloud features to collaborate with your customers.<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t<div class=\"wp-block-button\">\n\t\t\t\t\t<a class=\"wp-block-button__link\" target=\"_blank\" href=\"https:\/\/trailhead.salesforce.com\/content\/learn\/trails\/connect-with-customers-using-financial-services-cloud?d=inc-blog-banner\">Explore the Trail<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t<div class=\"wp-block-offer__media\">\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"432\" src=\"https:\/\/www.salesforce.com\/eu\/blog\/wp-content\/uploads\/sites\/14\/2022\/11\/blog-offer-trailhead.jpg\" class=\"attachment-full size-full\" alt=\"blog-offer-trailhead\" srcset=\"https:\/\/www.salesforce.com\/eu\/blog\/wp-content\/uploads\/sites\/14\/2022\/11\/blog-offer-trailhead.jpg 768w, https:\/\/www.salesforce.com\/eu\/blog\/wp-content\/uploads\/sites\/14\/2022\/11\/blog-offer-trailhead.jpg?w=300&amp;h=169 300w, https:\/\/www.salesforce.com\/eu\/blog\/wp-content\/uploads\/sites\/14\/2022\/11\/blog-offer-trailhead.jpg?w=150&amp;h=84 150w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/>\t\t<\/div>\n\t<\/div>\n\n\t\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Insights to delivering the best hyper-personalisation strategy in Financial Services<\/p>\n","protected":false},"author":1,"featured_media":296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"sf_justforyou_enable_alt":true,"optimizely_content_id":"9e88f4b1d6824436a663ebd478d3fa7e","post_meta_title":"","ai_synopsis":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"sf_topic":[83,38,1,18,43],"sf_content_type":[],"coauthors":[207],"class_list":["post-294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","sf_topic-customer-experience","sf_topic-customer-success","sf_topic-digital-transformation","sf_topic-financial-services","sf_topic-personalization"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is Financial Services ready for Hyper-Personalisation? 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