Banks should be harnessing troves of their data to make further breakthroughs in AI personalisation – for customer identification and communication. AI technology drives personalised behavioural insights.
The Financial Brand published a report on banks missing out on financial metrics and optimising richer behavioral data in CMS systems to personalise user journeys. This profiling should fortify trust within financial services and bolster loyalty, however industries such as insurance and wealth management are showing more proficiency in AI approaches.
Reportedly, only 23% of customers feel their bank gives tailored financial advice as digital banking has overtaken communication channels with the customer, and eroded “human touch”.
Behavioral personalisation can deliver higher conversation rates of new customer accounts.
