It was a pleasure to host a Data and Analytics Financial Services Leaders Lunch in Singapore on behalf of Thoughtworks. Our group discussed….
Treating each customer as a segment in a hyper-personalized digital world (meaningful content, tailored products, optimized service)
Hyperconnected digital worlds expect tailored experiences and recommendations for customers. There will be tremendous pressure on financial services players and the ecosystem at large in the aftermath of a pandemic and an increasingly uncertain macroeconomic environment. Evolution and change are more important than ever.
To compete against today’s digital-first, ecosystem-driven platform businesses, incumbent banks, and financial institutions must increasingly understand their customer’s unique needs and be able to provide hyper-personalized financial services across three aspects:
· Provide meaningful content (Engage trust and loyalty by anticipating needs)
· Product and advice tailored to customer needs (Increased value and reduced risk)
· Provide optimized service (utmost presence across channels; understanding customer ecosystem)
The ability to establish the right infrastructure foundations from a data perspective will also be critical, along with product and design innovation that focuses on creating an emotional connection with the customer.