Personalized banking is currently required for financial firms to thrive in the digital age. According to sources, 78 percent of respondents would continue to use their bank if they were given individualized service. Customers demand a personalized blend of financial advice, hands-on aid with problem resolution, and coaching to grow their money, according to senior banking intelligence analysts.
In this blog, we will look into personalization banking and 4 popular personalized banking experience strategies.
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What is Personalized Banking?
Personalized banking refers to tailoring the financial service and its delivery to specific customers and meeting their real-time financial needs.
In Personalized banking, customers’ data is subjected to analytics along with extensive use of artificial intelligence or machine learning models. Personalized banking aims to build meaningful, lasting relationships with customers. Moreover, the future of banking is personalization for every user.
Why do Banks need Personalization?
- Personalization opens up a world of possibilities for big data, advanced analytics, cutting-edge CX solutions, and other technologies.
- Personalization has become the new standard for customer-centric services, increasing loyalty and driving revenue development.
- Personalized banking is a significant competitive advantage as well.
- Personalized banking can also help people who are financially disadvantaged.
4 popular Personalized Banking Experience strategies
- Keep updated with the client’s work and build relation
Banks, like any other service providers, should put the customer first, make them feel valued and put effort into better working with them. And these all can be done by offering a personalized banking experience. Banks must constantly build and rebuild a trusted relationship to foster a loyal relationship with customers. For this, personalized alerts on the phone, personalized product or service-related messages or email and others can be done
- AI/ML consistency
By implementing artificial intelligence and Machine Learning, banks have reduced operating costs and risk, improved customer experience, implemented chatbots on the phone, and increased fraud detection and regulatory compliance. In fact, Both AI/ML have revolutionized the way people bank on a daily basis. Thus, using high-quality AI/ML consistently can help banks have personalized interactions with their consumers and connect them to well for banking solutions.
- Focus on Omnichannel experience
Omnichannel banking helps banks to be customer-centric. Here, customers can conduct transactions on all available platforms without the need to provide details repeatedly. Omnichannel banking offers a hybrid customer journey, alternating between digital service and person-to-person and helps the bank to meet the specific needs of the customer-all focused on personalized banking. Thus, having active and well-functioning omnichannel banking is another must-have for personalized banking.
- Offering bank’s product recommendation
Product recommendations are found to be helpful in generating upsells and cross-sells. You can target both existing customers who are satisfied with your as well as a new user who needs a little extra motivation to make a decision. These personalized recommendations must be based on customers’ intent, account types, and the current context.
NIC ASIA’s Take On Personalized Banking
NIC ASIA Bank, through its full-fledged digital banking and customer-centric offline banking, strives to become the No.1 Bank in Nepal. NIC ASIA Bank offers personalized banking services in almost all of its digital banking services, i.e., e-commerce transactions, credit cards, fixed deposit, IPO Apply, cardless transactions, and many more. In fact, the tagline of the Bank is ” Bank Pani Sathi Pani, Ramro Pani, Hamro Pani(बैंक पनि साथी पनि, राम्रो पनि हाम्रो पनि ).” which implies that NIC ASIA Bank enables personalized banking and establishes a strong connection with customers rather than merely meeting their needs.
Why choose NIC ASIA Bank?
With its skilled human force in both physical presence and digital, NIC ASIA Bank strives to offer the best-personalized banking experience as well as relentless and smooth banking services. On the path to becoming, Number 1 bank in Nepal, NIC ASIA always keeps its customer first.
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