How Banks Can Begin to Catch Up with Amazon’s Personalization Genius

  • “Many bankers are still unclear about what personalization really means. It’s quite simple in concept: Sending the right information to the right person at the right time.
  • With so much incentive to become a truly AI driven, hyper-personalized business and break through the noise in the market, there is a danger that too much insight into the personal affairs of your customers can trigger the “spider-sense” in people — freaking them out, and making them less likely to engage with you.
  • Often the age-old advice is still the best. Less is more. If customers sense that a financial institution knows too much about them, they probably do.”

The State of Digital Banking Transformation

  • “Unfortunately, as we found in the area of innovation, a surprisingly small number of financial institutions (12%) consider themselves to be digital transformation ‘leaders’, with 34% considering themselves to be ‘fast followers’ and 55% stating they were either ‘mainstream players’ or ‘laggards’.”

  • Jim Marous
  • Co-Publisher
  • What’s Your Transformation Strategy as the Pace of Change Accelerates in Banking?

    • “According to McKinsey, banking and non-banking organizations ranking in the top 20% in profitability from 2010-2017 generated more than 30 times the profit than those in the middle 60%,
    • The top 20 global banks represented 95% of the industry’s profitability,
    • Winners going forward will most likely be determined by which firms best understand the changing marketplace – and which ones make the bold strategic choices needed to respond to these changes.
    • The seven key trends that McKinsey believes are most important include:”

    Data and AI Power the Future of Customer Engagement in Financial Services

    “Combining insights from all of these touchpoints will create an even more robust profile of your customers that can improve engagement success. Remember, consumers no longer walk into a branch or pick up a phone to voice a concern or to make a purchase. Instead, they often interact on other channels hoping that their financial institution will “figure it out.”