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Banking and finance- Customization is essential to optimize the customer experience

Karen Tartour

Domain Lead Customer Experience



Banking and finance: Customization is essential to optimize the customer experience

In the context of a daily multiplying offer, with more access to information than ever, at a time when it is increasingly easy to switch brands, customers increasingly hold all the power in banking and finance. Customization is a way to build loyalty, but there must be clear benefits to customers when they share data.

More than ever, banks must deliver a special experience to a customer who wants to feel unique (59 percent of French people expect to be recognized without having to introduce themselves). Personalization in a variety of categories is on the rise, making this a further expectation. According to our research, 67 percent of French people now expect a company to adapt its product and service offerings to their preferences and tastes.

The quest for uniqueness in the relationship is a major challenge for the banking and finance sector. But it also represents an opportunity. Personalization is emerging as a key ingredient in building loyalty among existing customers, winning new customers, and optimizing cross-sell opportunities. To be successful it must be done at all relational levels.  

Three levels of customer relationships, and opportunities to personalize

  1. Execution is the basis of the relationship and the basic contract. Execution is made of prerequisites without which the relationship cannot solidify.
  2. After this, there are additional layers of differentiation and links which strengthen customer engagement, while multiplying contact opportunities into as many growth opportunities as possible.
  3. Emotion is the final layer. This is the most successful form of brand relationship. Strengthening emotion means improving differentiation and building towards tomorrow’s connection. This pillar makes it possible to create the conditions for effective customization and is appreciated and even desired by the customer. Personalization is a way to create an emotional connection.

Personalization must result in clear benefits to customers when they share their personal data:

Personalizing the relationship requires rich and detailed knowledge of your customers. Sharing information becomes a common and authorized precedent as soon as the customer draws an obvious benefit. Thus, when using a GPS, no one really questions the amount of information gathered, as long as the service provides a tangible payoff. The same principle applies to all services.

In our research, we have discovered that customers are happy to give personal information as soon as it enriches their experience: According to our research, more than 80 percent of those who refuse to let their bank use their personal data to offer them personalized services change their minds when they are offered a list of concrete services.