Global Banking & Finance Review – by Dorel Blitz
Digital banks and financial apps have proliferated in number over the past five years. The market is flooded, and customers are spoilt for choice between providers offering almost the same services, at near identical cost. 2022 will be the year that banks radically step up their game to compete – and the battleground will be customer engagement.
Data-driven Personalization for Personal Interactions
We believe that basic personalized insights will become table stakes for financial institutions in the U.S. market by the end of 2023. If personalization is not already in your bank’s technology budget for 2022, it will be for 2023. Customers are starting to expect a higher level of personal interactions from their bank, and data-driven personalization can make this more efficient.
Survey data from EPAM found that 34% of consumers want more personal interaction with their banks and credit unions; not personalized digital self-service, but actual interactions with another person who can talk with them about their finances.
To read the full article, click here.
To read EPAM Continuum’s Consumer Banking Report 2021, click here.