“This is not the first time banking has faced a critical moment. But while other tipping points, like digital and mobile banking, revealed themselves unhurriedly, the adoption of gen AI is happening with an almost frantic haste. Eighty-seven percent of banking executives expect a higher level of change in 2024 relative to last year and…

“That’s because consumers’ expectations are changing. They expect personalization — with Mastercard’s own studies showing that 70% of individuals expect a ‘more personalized experience tomorrow than they received yesterday.’ PYMNTS Intelligence data shows that less than half of shoppers find the offers they get from merchants to be ‘very relevant’ to their needs, while more…

“In a recent survey of 7,000 global participants by the financial consultancy Zendesk, more than seven in 10 customers (72%) said personalization is “highly important” to them and almost eight in 10 (77%) banking leaders said it leads to increased customer retention. While personalization is nothing new, there are trends emerging that create stickier engagements…