Leveraging Insights To Deliver Personalized Banking Experiences

In the past year, companies were faced with an unprecedented opportunity to enact real change in their organizations. While the pandemic may have placed companies in risky and unfamiliar territory, it also initiated an opportunity for rapid and unprecedented growth. As the world seemingly shut down, companies recognized the importance of communication and technology in meeting customers digitally during these critical moments.

In the ‘How banks can boost conversion rates with OpenText™ and Google™’ session at OpenText’s Rethink Experiences for Retail Banking event, Jim Marous touches on the rapid pace of digital transformation and its impact on growing customer expectations. Marous, Co-Publisher of The Financial Brand and CEO of the Digital Banking Report, states that companies are at a time of tremendous opportunity and tremendous risk. Every consumer, business, and government was completely transformed in a nanosecond, he noted, and while so much has changed so quickly, we will likely never return to our pre-pandemic pace of transformation.

This rapid transformation is most apparent in the retail banking industry; with customers leaning on services like Netflix for curated entertainment and ordering groceries on apps that remember their every order and product preference, customers now expect this level of contextualized engagement when interacting with their financial institutions. Marous notes that digital convenience is now based on how fast an organization can get them where they want to go, with the least amount of effort — and they expect this service across the board.

Additionally, experience has now become the ultimate indicator of success; he notes that it has become more important than price, promotion, and marketing. Both understanding and rewarding customers in a way that is unique to them is critical to establishing more meaningful customer relationships in 2021.

Tom Cannon, Global Head of ISV/SaaS Center of Excellence at Google Cloud, joined the conversation and discussed the importance of customer data in bridging organizational silos and facilitating more personalized experiences. He notes that joining experiences across touchpoints is still a prominent challenge within many organizations, and companies must work to break down silos to ensure customers have access to both intelligent and connected experiences.

Cannon notes that there have been two major shifts that support more personalized experiences; the first is the presence of technology and the ability for organizations to use data and machine learning, and the second is the democratization of these capabilities. Now, companies small and large have access to technology like cloud services, where they can apply data and access it in a single location to drive more personalized interactions. With these advancements, companies can recognize who customers are and better identify ways to shortcut their experience to ensure seamless and convenient escalations across all touchpoints.

Guy Hellier, VP of Product Management, Digital Experience at OpenText also discussed the importance of accessible customer data in delivering exceptional experiences. He furthered the conversation by highlighting the need for shareable and secure data to enhance collaboration and support customers effectively. He notes that companies must integrate data and customer insights into shared resources and tools so brands can actively recognize and understand customers in a more meaningful way. Additionally, he warns, data that is not managed well becomes a liability and companies must find new ways to prepare and manage their data to ensure that it does not create risks for the organization.

Ultimately, Hellier states that companies should aim to deliver outcomes faster, but none of these transformation efforts can be instant. Companies can leverage insights to recognize customer roadmaps but they should never utilize a one size fits all mindset. To remain competitive, Tom Cannon adds, companies should recognize challenges and line up their solutions around them. Organizations must continue to identify broader strategies, but begin with simple steps and initiate gradual changes that reflect customers evolving preferences and needs.

To hear more from this discussion, and learn from an insightful line-up of CX thought leaders, tune into the Rethink Experiences for Retail Banking event/sign-up here to view all of the sessions on-demand.

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