Written by Jenn Day | Apr 18, 2024 9:14:23 PM
Read the Financial Brand article here.
Here is a brief summary:
- Personalization using real-time client data is becoming increasingly important in the banking sector.
- Banks are leveraging technologies like cloud computing and open banking to improve digital experiences and connect client data to all parts of their business lines.
- Personalization creates stickier engagements and helps turn casual users into life-long customers.
- Offering personalized product recommendations in real time is an effective way to cross-sell products and deepen existing relationships with customers.
- AI is needed to analyze and house large client data stores for hyper-personalized experiences, which could raise privacy concerns.
- The ability to use AI to leverage data in real-time is becoming a top priority for companies looking to offer personalized user experiences.
- Personalization fosters financial inclusion and opens up banking options to traditionally underserved communities.