ANALYTICS
Creating Hyper-Personalized Financial Services in the Age of Data
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By Reg Marrinier
he global pandemic has accelerated the rise of the digital economy, driving financial institutions to continuously contemplate the next big innovation to differentiate their service offerings. With huge stores of transactional data and client histories, financial institutions need to activate the value of data assets if they want to gain a competitive advantage in the banking world today.
What is hyper-personalization? Outlined in the latest Deloitte report on the future of retail banking, Salesforce surveyed global consumers and came to the conclusion that 51 percent of customers expect that their bank will anticipate their needs and will make relevant suggestions prior to a direct contact. The general public has become accustomed to a certain level of personalization. Thanks to companies such as Amazon and Netflix who have perfected the art of “recommendations for you,” customers expect this level of tailoring to their individual needs to carry over into other industries as well. This is where hyperpersonalization comes in.
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TOTAL FINANCE
In the report, Deloitte defines hyperpersonalization as “harnessing real-time data to generate insights by using behavioural science and data science to deliver services, products and pricing that are context-specific and relevant to customers’ needs.” In other words, drilling down into client’s data to uncover insights into their preferences and behaviours can help generate recommendations for products that are suited to their needs and lifestyle, before they even realize what they need. With increased consumer expectations and the continuous need to add value for clients, how can financial institutions integrate hyperpersonalization into their business strategy? What’s the value to the organization and to the customer? For example, at BlueShore Financial, a boutique financial institution in British Columbia focusing on affluent clients with complex financial needs, we know that one of the biggest commodities our clients value is time. By using data and business intelligence to offer custom and expert financial advice, we’re ultimately helping our clients to save time while also moving closer to their financial goals.
FALL 2021
