- “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.”
- “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:”
“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.”